Oil extends gains as Middle East supply concerns persist
Oil prices remain volatile as markets monitor ongoing diplomatic efforts to reduce tensions in the Middle East alongside concerns over energy infrastructure. While ceasefire talks are underway, regional instability continues to influence global crude benchmarks.
Why it matters
Fluctuations in oil prices have direct consequences for global inflation, energy costs, and geopolitical stability.
Oil seesawed on Tuesday, swinging lower after strong gains at the start of the day before inching higher again, as investors monitor efforts to reduce Middle East tensions that are reportedly now underway.
Futures for international benchmark Brent crude for November delivery were broadly flat at $105.24 a barrel as of 5:12 a.m. ET, having jumped more than 2% earlier in the session. U.S. West Texas Intermediate futures fell by around 0.1% to $92.54 per barrel.
brent The U.S. and Iran are talking separately to mediators as part of renewed efforts to end the conflict. Citing Iranian Foreign Minister Abbas Araghchi, Al Jazeera reported that Tehran held indirect talks with the U.S. via Qatari mediators in New York.
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