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SINGAPORE: Oil prices rose on Tuesday, with analysts saying that uncertainty would keep prices elevated, even as there were no concrete signs of any production losses stemming from the Iran-Israel conflict for now.

Brent crude futures climbed 54 cents, or 0.7 percent, to $73.77 a barrel as of 9:30 a.m. Saudi time. US West Texas Intermediate crude was up 58 cents, or 0.8 percent, at $72.35. Both contracts rose more than 2 percent earlier in the trading session but also notched declines before bouncing back in volatile trading.

Prices traded higher as there was still risk of further unrest and potential disruption of oil supply from the key Middle East producing region.

However, there were no visible signs of supply loss for now, industry sources said.

The Israel-Iran conflict has not led to a loss in oil production, and the Organization of the Petroleum Exporting Countries still has spare production capacity, the chief executive of Italy’s Eni said on Tuesday.

Meanwhile, all the facilities of energy services firm Baker Hughes are operating normally in the Middle East, its chief executive Lorenzo Simonelli told Reuters on Monday.

The benchmark oil contracts settled more than 1 percent lower on Monday amid hopes that the conflict would ease after media reports Iran was seeking an end to hostilities.

However, concerns remained as US President Donald Trump in a social media post urged “everyone” to evacuate the Iranian capital of Tehran.

Entering its fifth day on Tuesday, the fighting has continued with Iranian media reporting explosions and heavy air defense fire in Tehran. In Israel, air raid sirens sounded in Tel Aviv in response to Iranian missiles.

“The conflict between Iran and Israel is still fresh and brewing, and investor sentiments may still be holding on to the ‘war risks’,” Priyanka Sachdeva, senior market analyst at Phillip Nova, said in an email.

“Added volatility and caution ahead of the Fed policy decision are further ensuring higher-paced price reactions in oil,” Sachdeva added, referring to the US Federal Open Market Committee meeting, which guides interest rate decisions, that begins on Tuesday.

Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries. The concern is the fighting could disrupt its oil supply and raise prices, or Iran could retaliate by blocking shipping through the Strait of Hormuz.

US media on Monday night reported Trump was proposing renewed talks with Iran on a nuclear deal, even as shipping sources said a vessel collided with two other ships sailing near the Strait of Hormuz, highlighting risks to companies moving oil and fuel supplies in the region.

RIYADH: ��������’s Tadawul All Share Index closed higher on Monday, advancing 135.45 points, or 1.26 percent, to end at 10,867.04. 

Market breadth was strongly positive with 223 gainers and 23 fallers. Trading activity remained robust with a total value of SR4.87 billion ($1.2 billion), supported by optimism across key sectors. 

Among the top gainers, Red Sea International Co. rose 10 percent to SR36.85, while CHUBB Arabia Cooperative Insurance Co. added 9.98 percent to end at SR33.60.  

National Gypsum Co. and Saudi Enaya Cooperative Insurance Co. gained 9.97 percent and 8.02 percent, respectively, closing at SR19.42 and SR9.29. 

ACWA Power Co. also rose 6.94 percent to close at SR262.00. 

Among the worst performers, MBC Group Co. led losses with a decline of 3.11 percent to close at SR35.80.

Dr. Sulaiman Al Habib Medical Services Group followed, shedding 2.30 percent to settle at SR255, while Gulf Union Alahlia Cooperative Insurance Co. fell 1.63 percent to SR14.52.  

Middle East Specialized Cables Co. ended the session down 1.13 percent at SR30.55, and Dr. Soliman Abdel Kader Fakeeh Hospital Co. edged 0.75 percent lower to SR39.85. 

On the announcement front, ASAS Makeen Real Estate Development and Investment Co. began trading on the Nomu-Parallel Market on June 16, with shares priced at SR80 each. 

The company’s stock rose 14.38 percent to close at SR91.50 after it confirmed the signing of an SR240 million real estate development agreement with the National Housing Co. 

The stock is subject to daily and static price fluctuation limits of plus or minus 30 percent and 10 percent, respectively. 

The 42-month project includes the construction of 470 residential units in Riyadh and is expected to impact financial results in the fourth quarter following the issuance of the required license. 

ASAS Makeen offered 10 percent of its SR100 million capital, or one million shares, in an initial public offering that was nearly 1,949 percent oversubscribed. 

Tabuk Agricultural Development Co. closed 1.90 percent higher at SR10.18 after announcing it had received the full SR14.85 million operational financing loan from the Agricultural Development Fund.

The two-year facility is secured by a mortgage on the company’s land and investment shares.