Oil prices rise for second session on continued Middle East supply concerns
Global oil prices rose for a second consecutive session on Tuesday, September 29, driven by persistent supply concerns in the Middle East. Market uncertainty stems from a deadlock in ceasefire talks between the United States and Iran, as well as the broader US-Israeli war on Iran. These geopolitical tensions outweighed indicators of recovering crude exports from the region. Brent crude futures showed varying gains across reports, reaching as high as $106.99 a barrel, while US West Texas Intermediate crude gained 72 cents to $93.32 in early trading.
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- ✓ Oil prices rose for a second consecutive session on Tuesday, September 29.
- ✓ Brent crude futures reached $106.99 a barrel.
- ✓ Concerns over Middle East supply disruptions outweighed signs of recovering crude exports from the region.
- ✓ Ceasefire talks between the United States and Iran have reached a deadlock.
What changed
Deadlocked US-Iran ceasefire negotiations and the US-Israeli war on Iran have pushed prices up for two straight sessions.
Live updates
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Oil Prices Rise for Second Session Amid Middle East Supply Risks
Global oil prices rose for a second consecutive session on Tuesday, September 29, driven by persistent supply concerns in the Middle East. Market uncertainty stems from a deadlock in ceasefire talks between the United States and Iran, as well as the broader US-Israeli war on Iran. These geopolitical tensions outweighed indicators of recovering crude exports from the region. Brent crude futures showed varying gains across reports, reaching as high as $106.99 a barrel, while US West Texas Intermediate crude gained 72 cents to $93.32 in early trading.
Why it matters
Energy markets are reacting to the volatility of the US-Iran conflict and its impact on regional stability. While some producers are increasing shipments, the risk of sudden supply disruptions keeps prices elevated. A global bond sell-off has also contributed to market movement.
What is confirmed
- Oil prices rose for a second consecutive session on Tuesday, September 29.
- Brent crude futures reached $106.99 a barrel.
- Concerns over Middle East supply disruptions outweighed signs of recovering crude exports from the region.
- Ceasefire talks between the United States and Iran have reached a deadlock.
Still unconfirmed
- Crude exports from major Middle Eastern producers reached 12.8 million barrels per day in September.
- A bond sell-off hitting global markets contributed to the rise in oil prices.
- Saudi pipeline returns were outweighed by uncertainty regarding Iran.
What to watch next
- Outcome of US-Iran ceasefire negotiations
- Updates on crude export volumes from Saudi Arabia and the UAE
- Developments in the US-Israeli war on Iran
confidence 90%Sources used for this update (22)
- CNBC — Oil extends gains as Middle East supply concerns persist
- Bloomberg — Oil Extends Gain as Iran Uncertainty Outweighs Saudi Pipe Return
- Reuters — Oil prices rise for second session on continued Middle East supply concern
- WSJ — Oil Rises Amid Deadlock in U.S.-Iran Ceasefire Talks
- Euronews.com — Oil prices rise as bond sell-off hits global markets
- www.thestar.com.my — Oil prices rise on continued Middle East supply concerns ...
- www.premiumtimesng.com — Oil prices rise for second session amid Middle East supply concerns - Premium Times
- tribune.com.pk — Oil prices rise for second session on continued Middle East supply concern - The Express Tribune
- www.dzrh.com.ph — Oil prices rise for second session on continued Middle East supply concern
- www.marketscreener.com — Oil prices rise for second session on continued Middle East supply concern
- lankanewsweb.net — Oil Prices Climb Again as Middle East Supply Risks Keep Markets on Edge - LNW Lanka News Web
- www.businesspost.ie — Oil prices rise for second session on continued Middle East supply concern | Business Post
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