Oil Rises for Second Day as Middle East Supply Risks Persist
West Texas Intermediate and Brent gained as supply-risk fears from the Middle East outweighed higher exports and renewed U.S.-Iran mediator talks.
- On Tuesday, oil prices extended gains for a second day as persistent Middle East conflict concerns outweighed recovering crude exports. Brent crude futures for November rose 1.6%, while West Texas Intermediate crude reached $94.
- Ongoing US-Israeli war on Iran has focused global attention on the Strait of Hormuz, a vital shipping route that previously facilitated 20% of the world's oil supply. Disruptions to this waterway continue to drive market uncertainty.
- KCM Trade chief analyst Tim Waterer noted, 'Much of that increase still relies on workarounds such as ship-to-ship transfers.' Crude exports climbed to 12.8 million barrels a day in September, as these logistical workarounds keep global prices elevated.
- On Saturday, Trump rejected a conditional proposal from Tehran to reopen the waterway. Mediators are working with both sides to end the seven-month conflict, though officials reportedly expressed pessimism regarding a deal.
- UOB analysts said, 'Dominant risk remains the current standoff.' Further talks are expected to focus on an amended seven-day proposal presented last week at the United Nations General Assembly.
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Oil Prices Rise as Middle East Supply Risks Keep Markets on Edge
Oil prices climbed for a second straight session as concerns over potential disruptions to Middle Eastern supplies outweighed evidence of recovering crude exports. Brent remained ... The post Oil Prices Rise as Middle East Supply Risks Keep Markets on Edge first appeared on [your]NEWS.
Nigeria: Oil Prices Rise for Second Session Amid Middle East Supply Concerns
Global oil prices rose for a second consecutive session on Tuesday as persistent concerns over supply disruptions in the Middle East, amid stalled negotiations between the United States and Iran, continued to drive market uncertainty.
Oil prices rise for second session amid Middle East supply concerns
Global oil prices rose for a second consecutive session on Tuesday as persistent concerns over supply disruptions in the Middle East, amid stalled negotiations between the United States and Iran, continued to drive market uncertainty.
Gold rose slightly near the lowest level in more than seven weeks, while oil rose for the second session due to concerns about the disruption of the Middle East supply and the anticipation of American economic data.
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