Oil prices rebound as Middle East remains in focus

Oil prices rose after declining significantly in the previous session, with market attention remaining focused on developments in the Middle East.

According to Report, trading data showed that November Brent crude futures on the ICE Futures exchange rose by $0.71, or 0.69%, to $103.30 per barrel. December contracts increased by $0.22, or 0.23%, to $96.38 per barrel.

November WTI crude futures on the New York Mercantile Exchange (NYMEX) rose by $0.22, or 0.25%, to $89.60 per barrel.

Oil prices fell in the previous session following reports of increased supplies from the Middle East. Saudi Arabia resumed oil shipments through the Red Sea port of Yanbu after temporarily suspending them for repairs to the East-West pipeline, which had been damaged in an attack.

Prices also eased amid signs of recovering oil flows through the Strait of Hormuz and the absence of significant escalation by Iran over the previous 24 hours.