Brent Crude Nears $108 Amid Middle East Supply Disruptions

Al-Taj News – Oil prices rose more than 2% on Tuesday, extending their gains amid continued concerns over disruptions to supplies from the Middle East due to the conflict between the United States and Iran, despite indications of a recovery in crude exports from the region.

Brent crude futures rose more than 2% to $107.44 per barrel, while the most actively traded futures, for December delivery, climbed more than 2% to $99.87 per barrel.

U.S. West Texas Intermediate crude futures also rose more than 2%, reaching $94.50 per barrel.

Tim Waterer, an analyst at KCM Trade, said a clearer picture was beginning to emerge regarding the increase in the volume of oil exports leaving the Gulf region, but a large portion of this increase still relies on alternative solutions, such as ship-to-ship transfers.

He explained that these methods are less efficient and more costly than normal operations, which explains the continued rise in crude prices.

Preliminary figures released by data company Kpler on Monday showed that crude oil exports from major Middle Eastern producers rebounded in September to 12.8 million barrels per day, the highest level since February, supported by increased shipments from Saudi Arabia and the United Arab Emirates.