Oil Prices Continue Upward Trend on Tuesday as Markets Focus on Middle East Geopolitical Tensions

Deep News
09/10

Oil prices extended their gains on Tuesday. The Israeli military claimed to have conducted strikes against Hamas leadership in Qatar's capital Doha, escalating regional conflicts.

Brent crude contracts rose $0.37, or 0.56%, to close at $66.39 per barrel.

New York Mercantile Exchange October delivery West Texas Intermediate (WTI) crude contracts gained $0.37, or 0.59%, to settle at $62.63 per barrel.

Both major crude contracts had already been trending higher, supported by factors including: OPEC+'s latest oil production increase falling short of expectations, market anticipation that multiple countries will continue building oil reserves, and concerns over potential new sanctions against Russia.

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