Global oil benchmarks rose for a second consecutive session on Tuesday, driven by escalating concerns over Middle East supply disruptions stemming from the ongoing US-Iran conflict.
Brent crude futures advanced $1.49, or 1.4%, to reach $106.77 a barrel during early trading hours.
U.S. West Texas Intermediate crude similarly gained $1.34, or 1.5%, climbing to settle at $93.94 a barrel.
Both international benchmarks had already finished the previous trading session nearly $1 higher as traders priced in persistent geopolitical risk premiums.
The upward price trajectory persists despite recent indications showing a gradual recovery in crude export volumes originating from key Middle Eastern producers.
For oil-importing developing economies, sustained triple-digit Brent levels threaten to widen fiscal deficits and intensify inflationary pressures on domestic petroleum products.
Market participants remain focused on diplomatic developments and shipping lane security as key catalysts dictating near-term commodity price volatility.
