Oil prices continued their upward trajectory for a second day, driven by persistent anxieties over the Middle East conflict, despite reports of ongoing diplomatic efforts to ease tensions. Indirect talks between the U.S. and Iran, mediated by Qatar, are underway, but concerns about regional energy infrastructure and crucial waterways like the Strait of Hormuz persist due to renewed Saudi Arabia-Houthi tensions. Analysts suggest that while progress in negotiations could temper crude prices, lingering geopolitical instability keeps market sentiment elevated.
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Global oil prices witnessed a second consecutive day of ascent on Tuesday, as escalating concerns surrounding the prolonged conflict in the Middle East overshadowed ongoing diplomatic maneuvers aimed at de-escalation.
Futures for the international benchmark, Brent crude, earmarked for November delivery, climbed by 1.73% to reach $107.10 per barrel as of 2:51 a.m. ET. Concurrently, U.S. West Texas Intermediate (WTI) futures saw a notable increase of 1.58%, trading at $94.06 per barrel.
![A tanker ship at the Banyas Oil Terminal in Tartus, Syria on September 13, 2026.]( "Credit: Hasan Belal | Anadolu | Getty Images")
Diplomatic efforts are reportedly underway, with the U.S. and Iran engaging in separate dialogues with mediators as part of renewed initiatives to resolve the regional strife. Al Jazeera, citing Iranian Foreign Minister Abbas Araghchi, indicated that Tehran held indirect discussions with the U.S. through Qatari intermediaries in New York.
Mahmoud Mashal, a senior market analyst at VT Markets Dubai, emphasized that any significant breakthroughs in these talks would be a primary focus for markets, potentially leading to a decrease in crude prices. However, Mashal also underscored the persistent worries regarding energy infrastructure and vital oil flows in the region, exacerbated by renewed tensions between Saudi Arabia and the Houthis.
Brent Crude Price Chart
The critical Strait of Hormuz, historically a conduit for 20% of the world's oil supply before the conflict, remains under close scrutiny. Adding to the geopolitical complexity, former President Trump reportedly rejected Tehran's conditional proposal for reopening the strait on a past Saturday. Reports indicate he told aides he anticipates resuming bombing Iran subsequent to the midterm elections in November.
WTI Crude Price Chart
