Oil prices gain as markets await potential US-Iran talks at UN

  • Oil prices rose as investors awaited possible US-Iran talks at the United Nations General Assembly.
  • Brent November futures gained 0.22% to $100.57 a barrel at 0021 GMT.
  • Houthi attacks and Saudi export adjustments kept Middle East supply concerns elevated.

Oil prices edged higher after several days of declines as investors awaited possible US-Iran talks at the United Nations General Assembly this week. Brent November futures rose 22 cents, or 0.22%, to $100.57 a barrel at 0021 GMT. WTI October futures, expiring Tuesday, added 2 cents, or 0.02%, to $95.8, while the more actively traded November contract gained 13 cents, or 0.14%, to $92.49. Analysts described the move as a short-covering bounce, meaning traders who had bet on further declines reduced those positions, rather than evidence of a fundamental market shift. Prices were expected to remain range-bound and sensitive to headlines until there is clear progress or a setback in US-Iran diplomacy. Middle East tensions continued as Yemen's Iran-backed Houthis claimed attacks on Riyadh and a Saudi Aramco facility in Yanbu, while China urged Tehran to help curb the group's operations. Aramco increased exports through the Strait of Hormuz after attacks on its East-West Pipeline halted some Yanbu shipments, loading about 14 million barrels onto seven supertankers inside the Gulf on Sunday. Libya's National Oil Corp Chairman Massoud Suleman separately said the Sharara oilfield had partially reduced production without giving a reason.

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