Oil prices rise for second session on continued Middle East supply concerns
Oil prices climbed for the second day in a row on Tuesday as concerns over potential Middle East supply disruptions due to the US-Israeli conflict with Iran overshadowed growing crude exports from the region. Brent crude futures for November surged $1.71, or 1.6 percent, reaching $106.99 a barrel, while the more actively traded December contract increased $1.68 to $99.51 a barrel.
US West Texas Intermediate crude also rose $1.4, or 1.5 percent, to $94 a barrel. While data suggests higher oil export volumes from the Gulf, most of that boost is still dependent on workarounds like ship-to-ship transfers, which are less efficient and more expensive than usual, according to KCM Trade chief analyst Tim Waterer.
Written by urgent.news from CNA - Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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