Oil prices settle higher as Strait of Hormuz talks temper supply fears

  • Oil prices settled higher as Qatari mediators pursued talks on reopening the Strait of Hormuz.
  • Brent rose 0.9% to $105.28, while WTI gained 0.2% to $92.60.
  • Middle East crude exports reached 12.8 million barrels per day in September, Kpler data showed.

Oil prices settled slightly higher Monday as concerns over supply disruptions persisted while Qatari mediators prepared separate talks with Iran and the United States on a potential deal to reopen the Strait of Hormuz. Brent futures rose 96 cents, or 0.9%, to $105.28 a barrel, while U.S. West Texas Intermediate gained 19 cents, or 0.2%, to $92.60, after both benchmarks jumped more than $4 early in the session when US President Donald Trump rejected an Iranian proposal to reopen the strait. Middle East crude exports rebounded to 12.8 million barrels per day in September, but flows through Hormuz remained below pre-conflict levels. Energy markets also faced pressure from surging diesel prices, possible U.S. regulatory relief and export restrictions, and disruptions linked to conflicts in the Middle East and Ukraine.

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