Oil prices rose on Tuesday amid ongoing concerns over potential energy supply disruptions in the Middle East, following reports of attacks on ships in the Gulf and statements from the Houthis claiming attacks on Saudi energy facilities, airports, and military
sites. Brent crude futures gained 55 cents to reach $110.10 a barrel, after touching $110.70 in the previous session, marking its highest level since May 20. Meanwhile, US West Texas Intermediate crude for November delivery increased by 0.24% to $103.91
a barrel, while the more active December contract climbed by 39 cents to settle at $98.93. Data from vessel-tracking firm Kpler indicated that at least 18 ships had been targeted over a two-week period, keeping geopolitical risk premiums high in
oil markets. Despite US President Donald Trump easing certain sanctions and tariffs related to Russia, market participants remained focused on the risks of further attacks on energy infrastructure in the Gulf. Additionally, analyst expectations pointed to a likely decline in
US crude and petroleum product inventories over the past week.
