Brent crude futures rose for a second consecutive session, climbing above $106 a barrel as concerns over supply disruptions in the Middle East and tensions between the United States and Iran continued to support prices.
According to Reuters, Brent crude futures rose $1.49, or 1.4%, to $106.77 a barrel. U.S. West Texas Intermediate crude gained $1.34, or 1.5%, to $93.94 a barrel.
Although there were some signs of a recovery in crude exports from the region, uncertainty over oil shipments through the Strait of Hormuz continued to weigh on the market.
The Strait of Hormuz is a key shipping route for global energy supplies, meaning any disruption there could have a significant impact on international oil prices.
Crude exports from major Middle Eastern oil producers rose to about 12.8 million barrels per day in September, the highest level since February, according to the report. Higher shipments from Saudi Arabia and the United Arab Emirates contributed to the increase, although alternative transportation routes have added costs and logistical challenges.
Diplomatic contacts through intermediaries are also continuing in an effort to ease tensions between the United States and Iran.
Market participants remain concerned that prolonged tensions or further disruption to oil shipments through the Strait of Hormuz could increase volatility in global energy prices.
Both major global oil benchmarks had also gained about $1 a barrel in the previous session.
