SINGAPORE: Global oil prices edged higher again as escalating tensions in the Middle East raised concerns about a further deterioration in the regional situation and potential disruptions to international oil supplies. Reports of a US strike on Iran’s Qeshm Island added to concerns among market participants.
During Tuesday’s trading session, US West Texas Intermediate (WTI) crude rose by 20 cents, or 0.21%, to $96.66 per barrel.
Meanwhile, Brent crude futures also recorded a modest increase, gaining 3 cents, or 0.03%, to reach $104.80 per barrel. The prices were recorded at 0355 GMT.
A day earlier, both major crude oil benchmarks had fallen by more than 7% in the global market. The decline followed contacts between Iranian and Qatari officials, which raised hopes of diplomatic progress towards ending the ongoing US-Israeli war against Iran.
The diplomatic contacts had encouraged market optimism about a possible resolution to the conflict, easing concerns over potential disruptions to global oil supplies.
