4-20mA Current Loop - Multiple Sensors
The best way to understand this is to look at wiring diagrams from actual vendors.

For instance, Acromag has such a diagram, if you look here p7/8 you will see that your 2 loop transmitter can share the same 24VDC power supply but need 2 different input channels.

I have extracted here for illustration and in case the link goes dead later: