Increased geopolitical tensions in the Middle East, coupled with strong fourth-quarter demand for distillates, are driving a notable rise in oil prices. The market remains on high alert as supply disruptions become a growing concern. As a result, oil prices climbed by 1%, partially reversing losses from earlier sessions. This surge reflects heightened uncertainty surrounding global energy supplies, particularly as Middle Eastern conflicts threaten to impact key shipping routes and production facilities.

Additionally, traders are closely monitoring the U.S. presidential election, as its outcome could influence future energy policies, trade relations, and sanctions that may further affect supply chains. The current rally underscores how vulnerable the global oil market is to geopolitical factors, with analysts anticipating more volatility in the coming weeks if tensions escalate.