Oil prices rise as fears mount over longer Middle east conflict

Crude oil extended its gains for a second straight session on Tuesday, with Brent futures up 0.08% at $107.32 a barrel, according to Mettis Global data. West Texas Intermediate was also higher, rising $0.21, or 0.22%, to $94.28 a barrel by 10:29 am PST.

Traders are growing anxious that the conflict may stretch on, even as mediators reportedly push to calm tensions. Al Jazeera, quoting Iranian Foreign Minister Abbas Araghchi, said Tehran held indirect discussions with Washington through Qatari intermediaries in New York, a report CNBC also carried. Washington and Tehran are each working through mediators, separately, in fresh attempts to halt the fighting.

Before the conflict began, the Strait of Hormuz carried 20% of global oil supply, and it is still being monitored as a central hotspot. On Saturday, President Donald Trump turned down Tehran's conditional plan to reopen the waterway, and he reportedly told aides he anticipates renewed US strikes on Iran after the November midterms.