Kuwaiti oil rises by $8.15; Brent continues gains for fourth session

The price of a barrel of Kuwaiti crude rose by $8.15 to reach $109.37 in trading on Tuesday, compared to $101.22 on Monday, according to the price announced by the Kuwait Petroleum Corporation. Globally, oil prices continued their rise for the fourth consecutive session, surpassing the $100 mark in early Wednesday trading, supported by growing concerns over the persistence of geopolitical tensions and their impact on global crude supplies.

Brent crude futures rose by $1.03, or 1.05%, to $98.95 per barrel, while West Texas Intermediate (WTI) crude futures increased by $0.85, or 0.91%, to $93.88 per barrel.

Brent crude prices had jumped by approximately 25% since early August, amid fading hopes for a permanent resolution to the six-month-long war, coinciding with a resumption of intense fighting, according to Reuters.

This surge comes as markets anticipate developments in geopolitical situations and their potential repercussions on oil supply flows, amid ongoing uncertainty regarding the future trajectory of crude prices.