NEW YORK: Global oil prices rose again as escalating tensions in the Middle East and attacks on critical Saudi energy infrastructure heightened concerns over potential disruptions to crude supplies.
The shutdown of Saudi Arabia’s East-West oil pipeline has further intensified worries about global supply, while efforts to restore normal shipping activity in the Gulf remain clouded by uncertainty.
During early trading on Tuesday, Brent crude futures rose by $1.24, or 1.18%, to $106.93 a barrel. Brent had already gained around 1% in the previous trading session.
Meanwhile, US West Texas Intermediate (WTI) crude futures climbed $1.29, or 1.24%, to $102.65 a barrel. WTI had risen by 1.3% in the previous session.
The latest gains reflect growing market concerns that continued instability in the Middle East could disrupt oil supplies and place further upward pressure on global crude prices.
