Oil prices extended gains for a second consecutive day, with Brent crude rising 1.22% to $106.56 per barrel and U.S. WTI crude advancing over 1% to $93.57. Concerns that the Middle East conflict will persist are driving prices higher despite ongoing negotiations between the U.S. and Iran via Qatari mediators in New York. The Strait of Hormuz, through which 20% of global oil supply transits, remains closely monitored due to renewed tensions between Saudi Arabia and the Houthis. Donald Trump rejected Iran’s conditional proposal and stated he expects to resume bombing Iran after the midterm elections in November.
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