Crude oil climbs toward $95 as Middle East risks persist

Crude oil prices extended gains on Tuesday, with WTI moving towards $95 per barrel as persistent uncertainty surrounding US-Iran negotiations continued to overshadow the restart of Saudi Arabia?s East-West pipeline. Reports that Qatari mediators may facilitate talks between Washington and Tehran, kept geopolitical developments firmly in focus. WTI was quoting at $93.10 per barrel, up 0.7%, while Brent climbed 0.8% to $105.99 a barrel. Prices had surged more than $4 on Monday before paring gains on hopes of further diplomatic progress, while the reopening of Saudi Arabia?s pipeline. However, continued uncertainty across the Middle East and the risk of further disruptions remain supportive for crude prices. MCX October crude oil futures traded 0.7% higher at ₹8,976 per barrel.

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