Oil prices moved higher in early trading on Tuesday as concerns grew that tensions between Iran and Israel could flare up again, raising fears about potential disruptions to global energy supplies.
The increase came even though both sides have been observing a temporary ceasefire following an appeal from US President Donald Trump. However, investors remain cautious, as the possibility of renewed missile attacks continues to create uncertainty in the market.
Brent crude futures rose by 13 cents, or 0.14%, reaching $94.38 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude gained 11 cents, or 0.12%, to trade at $91.41 per barrel.
Market analysts say oil prices are likely to remain volatile as long as political tensions in the Middle East continue. Any escalation in the conflict could affect supply routes and increase concerns about the availability of oil in global markets.
For now, traders are closely watching developments in the region, knowing that even small changes in the security situation could have a major impact on energy prices worldwide.
