Rising Middle East tensions push oil prices higher amid supply fears

Oil prices rose on Tuesday amid persistent concerns over potential disruptions to energy supplies in the Middle East, following reports of attacks on vessels in the Gulf and statements from the Houthis claiming attacks on Saudi energy facilities, airports, and military sites. Brent crude futures increased by 55 cents, or 0.5%, to $110.10 a barrel, after hitting $110.70 in the previous session, the highest level since May 20. Meanwhile, US West Texas Intermediate crude for October delivery gained 0.24% to $103.91 a barrel, while the more active December contract rose 39 cents, or 0.4%, to $98.93. Vessel-tracking firm Kpler reported that at least 18 ships had been attacked over a two-week period, keeping geopolitical risk premiums high in oil markets. Despite US President Donald Trump easing some Russia-related sanctions and tariffs, traders remain focused on the risks of further attacks targeting energy infrastructure in the Gulf. Analyst expectations also point to a potential decline in US crude and petroleum product inventories over the past week.