Oil prices rise on Tuesday

By Aya Anwar On Sep 29, 2026

Oil prices rose for a second straight session on Tuesday as concerns over supply disruptions from the US-Israeli war on Iran outweighed signs of recovering crude exports from the Middle East.

Brent crude for November rose 1.6 per cent to $106.99 a barrel at 0626 GMT, while the more actively traded December contract gained 1.7 per cent to $99.51. US West Texas Intermediate (WTI) rose 1.5 per cent to $94.

Crude exports from major Middle Eastern producers reached 12.8 million barrels per day in September, the highest level since February, preliminary Kpler data showed, driven by higher shipments from Saudi Arabia and the UAE.

However, oil prices remain elevated as some exports rely on less efficient and more costly workarounds, including ship-to-ship transfers.

US and Iranian officials also held separate talks with mediators in a renewed effort to end the seven-month war, while uncertainty over the Strait of Hormuz continues to weigh on energy markets.

Attribution: Reuters