Oil rises ahead of potential talks between US and Iran
Oil prices rose on Tuesday as the market stabilized after days of decline, with investors awaiting developments in potential talks between the United States and Iran on the sidelines of the UN General Assembly meetings. Brent crude rose 22 cents to $100.57 per barrel, while West Texas Intermediate crude rose 2 cents to $95.80 per barrel. Analysts see the current rise as a traditional rebound from short-covering, not a shift in market fundamentals.
Oil prices rose on Tuesday as the market stabilized after days of decline, with investors awaiting developments in potential talks between the United States and Iran on the sidelines of the UN General Assembly meetings this week. Brent crude futures for November delivery rose 22 cents, or 0.22 percent, to $100.57 per barrel. US West Texas Intermediate crude futures for October delivery rose 2 cents, or 0.02 percent, to $95.80 per barrel. Iran and the United States exchanged threats on Sunday, but US President Donald Trump said he was open to meeting his Iranian counterpart Masoud Pezeshkian. Al Jazeera quoted Mohsen Rezaei, secretary of Iran's Supreme National Security Council, as saying that Iran informed mediators of its conditions for resuming negotiations aimed at ending the war with the United States. Tim Waterer, chief market analyst at KCM Trade, sees the current rise as a traditional rebound from short-covering, not a shift in market fundamentals. The situation in the Middle East remains volatile after the Houthi Ansar Allah movement announced it had attacked Riyadh and a facility belonging to Saudi Aramco in Yanbu.