View of a tanker ship at the Banyas oil terminal in Tartus, Syria, September 13, 2026.
Hasan Belal | Anadolu | Getty Images
Oil prices rose for the second day in a row on Tuesday, as concerns persist over a protracted Middle East conflict despite efforts reportedly underway to de-escalate tensions.
International benchmark futures brent crude oil Prices for November delivery rose 1.22% to $106.56 per barrel. us West Texas Intermediate Futures It rose more than 1% to $93.57 per barrel.
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The United States and Iran are holding separate talks with a mediator as part of a new effort to end the conflict. Al Jazeera reported, citing Iranian Foreign Minister Abbas Araghchi, that Tehran held indirect talks with the United States through a Qatari intermediary in New York.
Mahmoud Mashal, senior market analyst at VT Markets Dubai, said progress in talks will be the main focus for markets as regional mediators push ahead with ceasefire negotiations, adding that any meaningful progress could lead to lower oil prices.
That said, concerns about energy infrastructure and energy flows in the region remain due to renewed tensions between Saudi Arabia and the Houthis, Mashal said.
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The Strait of Hormuz was an important waterway through which 20% of the world’s oil supplies passed before the war, and it is still closely monitored.
President Trump on Saturday rejected Iran’s conditional offer to reopen the strait, telling aides he expected to resume bombing Iran after the November midterm elections.
