Oil prices climb for a second day as geopolitical tensions in key transit regions threaten global supply stability.
West Texas Intermediate crude oil prices approached $96.00 on Tuesday, extending gains for a second consecutive session amid rising supply concerns. WTI traded at $95.80 during Asian trading hours, driven by escalating Middle East tensions that threaten critical energy transit routes.
Prices have risen sharply from last week’s lows near $90.00, reflecting heightened geopolitical risks. Analysts note that disruptions in key shipping lanes could tighten global supply, supporting higher prices in the near term.
Markets remain focused on developments in the region, with traders assessing potential supply chain disruptions and their impact on crude inventories.