Oil prices gained on tuesday as renewed tensions in the middle east renewed fears of supply disruptions from the world's key crude-producing region. brent crude futures were up 56 cents:roducing region. Brent crude futures were up 56 cents, or 0.6%, to $91.05 a barrel, while US West Texas Intermediate (WTI) crude was up 83 cents, or 1%, to $86.59.
According to Qatar News Agency, in the previous session, Brent closed up 2.7%, at one point reaching its highest since August 25, and WTI settled up 2.8%, touching its highest since August 21. The renewed tensions in the Middle East have sparked concerns about potential impacts on oil supply chains, causing fluctuations in market prices.
Analysts are closely monitoring the situation, as the region plays a crucial role in global oil production and distribution. The market's response reflects heightened uncertainty about future supply conditions, prompting traders to adjust their positions accordingly.