Oil prices rise for second session as Middle East supply risks persist

Oil prices climbed for a second consecutive session on Tuesday as concerns over possible disruptions to Middle Eastern supplies continued to outweigh signs of recovering crude exports from the region. Brent crude futures rose, while US West Texas Intermediate (WTI) also moved higher amid continued uncertainty surrounding the US-Iran conflict and its impact on energy shipments.

Brent crude futures were recently trading around $106.77 a barrel, up $1.49, or 1.4%. US WTI crude increased by $1.34, or 1.5%, to $93.94 a barrel. Both benchmarks had also gained in the previous session.

Analysts said oil markets remained under pressure because some exporters were relying on alternative shipping arrangements. These include ship-to-ship transfers, which are less efficient and more expensive than normal transport routes. The higher costs have helped keep crude prices elevated despite an increase in regional exports.

Preliminary data from Kpler showed that crude exports from major Middle Eastern producers reached 12.8 million barrels per day in September. It was the highest level since February. Higher shipments from Saudi Arabia and the United Arab Emirates contributed to the increase.

At the same time, diplomatic efforts to end the seven-month US-Iran conflict remained under way. Officials from both countries separately held discussions with mediators. Further talks are expected to focus on a revised version of a seven-day proposal presented by Iran last week during the United Nations General Assembly.

The Strait of Hormuz remains a major concern for energy markets. The strategic waterway is a key route for global oil and gas shipments. Any further disruption could affect supplies and increase pressure on international energy prices.

Analysts said the continuing US-Iran standoff remained a major risk for energy markets and inflation expectations. Uncertainty over the future of oil shipments through the region has kept traders cautious.