Global oil prices rise again after recent declines

Global crude oil prices rose again on Tuesday after several consecutive declines, as investors closely monitored the evolving geopolitical situation in the Middle East alongside the possibility of diplomatic engagement between the United States and Iran.

Brent crude futures for November delivery rose 22 cents, or 0.22%, to $100.57 a barrel in early Asian trading on Tuesday, Bangladesh time, according to Reuters. Meanwhile, the October West Texas Intermediate (WTI) contract, which expires on Tuesday, gained 2 cents, or 0.02%, to $95.80 a barrel at the start of trading.

The more actively traded November WTI contract also edged higher, gaining 13 cents, or 0.14%, to $92.49 a barrel. Nevertheless, market participants remain focused on developments in the Middle East and any potential diplomatic overtures between Washington and Tehran.

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Consequently, the trajectory of those developments could exert a significant bearing on international oil prices in the coming days.