Oil prices rise for second straight session: Brent at $105.91 as markets worry about Gulf supply

Oil prices rose for a second straight session on Tuesday, as persistent concern about Middle East supply disruptions — caused by the war between the United States and Iran — outweighed signs of recovering regional oil exports, Reuters reports.

According to Reuters, Brent crude rose 63 cents, or 0.6 percent, to $105.91 a barrel by 00:02 GMT, while U.S. West Texas Intermediate climbed 72 cents, or 0.8 percent, to $93.32.

“A clearer picture is emerging of higher oil export volumes leaving the Gulf, but much of this increase still relies on workarounds like ship-to-ship transfers. These methods are less efficient and more costly than normal operations, which is why oil prices remain elevated,” KCM Trade chief analyst Tim Waterer told Reuters.

Preliminary data from Kpler show that oil exports from key Middle East producers climbed to 12.8 million barrels per day in September — the highest level since February — helped by higher shipments from Saudi Arabia and the United Arab Emirates.

Meanwhile, U.S. and Iranian officials spoke separately with mediators in a renewed effort to end the seven-month war, with further talks expected to focus on the revised version of the seven-day proposal Iran presented last week on the sidelines of the UN General Assembly, Reuters reports. According to Waterer, “the enduring hope for a deal is probably the main factor keeping Brent from moving durably above $110 in the near term.”

The war, which began in late February with U.S. and Israeli strikes on Iran, has put the spotlight on the Strait of Hormuz, a key route for global oil and gas supply — whose disruption has rattled energy markets.