Oil prices rise as fears mount over longer Middle east conflict

September 29, 2026 (MLN): Oil prices rose for a second consecutive day on Tuesday, as concerns mounted that the Middle East conflict could drag on longer, even though efforts to defuse tensions were reportedly underway.

Currently, Brent crude futures is up, 0.08%, at $107.32 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $0.21, or 0.22%, to $94.28 per barrel by [10:29 am] PST.

The United States and Iran are engaging separately with mediators as part of renewed efforts to end the conflict.

Citing Iranian Foreign Minister Abbas Araghchi, Al Jazeera reported that Tehran had held indirect talks with Washington through Qatari mediators in New York, according to CNBC.

The Strait of Hormuz, through which 20% of the world's oil supply passed before the war, remains under close watch as a key flashpoint in the conflict.

The developments follow President Donald Trump's rejection on Saturday of Tehran's conditional proposal to reopen the strait, after which he told aides he expects US strikes on Iran to resume once the November midterm elections are over.

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