NEW YORK: Global oil prices rose on Tuesday as escalating tensions in the Middle East, potential threats to energy infrastructure and reports of attacks on vessels heightened concerns over possible disruptions to oil supplies. Investors remained focused on developments in the region and their potential impact on global energy markets.
Brent crude futures rose by 55 cents, or 0.50%, to $110.10 a barrel on Tuesday. In the previous trading session, prices had climbed to $110.70 a barrel, their highest level since May 20.
The November contract for US West Texas Intermediate (WTI) crude also recorded an increase, gaining 0.24% to reach $103.91 a barrel. The contract was due to expire on Tuesday.
Meanwhile, the more actively traded December WTI contract advanced by 39 cents, or 0.40%, to $98.93 a barrel.
Market analysts said uncertainty in the Middle East and concerns over potential disruptions to energy shipments were supporting oil prices. They noted that continued regional tensions could keep supply-related risks in focus and influence price movements in the global crude market.
Separately, according to a report released last week by the International Energy Agency (IEA), Russia’s crude oil production increased by 65,000 barrels per day in September to 8.43 million barrels per day. Despite the increase, output remained approximately 870,000 barrels per day below the level recorded in the same period last year.
Investors are continuing to monitor developments in the Middle East, the security of energy supplies and production levels among major oil-producing countries. Changes in any of these factors could influence the direction of global crude oil prices in the coming days.
