Oil rises over 2pct, BrentAbove$107
Oil prices rose by more than 2% on Tuesday amid concerns over potential disruptions in crude supplies in the Middle East due to the ongoing US-Iran war, despite signs of improved exports from the region. Brent crude reached $107.44 per barrel, while West Texas Intermediate was at $94.50. The price increase is partly due to the reliance on alternative, more expensive and less efficient transportation methods. Additionally, data showed that oil exports from Saudi Arabia and the UAE in September reached their highest level since February, at 12.8 million barrels per day, as hopes for a diplomatic agreement to end the war remain, which limits the potential for sustained price increases above $110 per barrel in the near term.
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