Oil prices rose on Tuesday as markets stabilized after several days of declines, with investors watching for developments in possible US-Iran talks on the sidelines of the United Nations General Assembly meetings in New York this week.
اضافة اعلان
Brent crude futures for November delivery rose 22 cents, or 0.22%, to $100.57 a barrel by 0021 GMT.
US West Texas Intermediate (WTI) crude futures for October delivery, which expire on Tuesday, gained 2 cents, or 0.02%, to $95.80 a barrel.
Iran and the United States exchanged threats on Sunday, but US President Donald Trump signaled that he was open to meeting Iranian President Masoud Pezeshkian, who is expected to be in New York this week for the UN General Assembly.
Tim Waterer, chief market analyst at KCM Trade, said the rise in WTI and strong opening for Brent appeared to be a traditional rebound driven by short-covering following recent declines, rather than a shift in market fundamentals.
"Traders who had bet on further declines are trimming some of their risk as diplomatic developments unfold," Waterer said.
Iranian media reported that Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said in an interview on Saturday that Tehran had conveyed its conditions to mediators for resuming negotiations aimed at ending the war with the United States.
Waterer expected oil prices to remain within a narrow range and highly sensitive to news until there is clear progress or a setback in diplomatic efforts between Washington and Tehran.
The Middle East remains tense after Iran-aligned Houthi forces in Yemen said they had attacked Riyadh and a Saudi Aramco facility in Yanbu, while stepping up efforts to isolate Saudi-led coalition forces supporting Yemen's internationally recognized government from the Red Sea coast.
Three Iranian sources said China had secretly urged Tehran to help halt Houthi attacks.
Source: Reuters
