Oil prices rose on Tuesday, ending a four-session losing streak, as markets watched for signs of possible US-Iran talks at the United Nations General Assembly this week.
Brent crude futures for November delivery gained $1.14, or 1.1 percent, to $101.48 a barrel by 0317 GMT. US West Texas Intermediate (WTI) crude for October delivery, which expires on Tuesday, rose 87 cents, or 0.9 percent, to $96.65 a barrel.
The more active November WTI contract also climbed 85 cents, or 0.9 percent, to $93.22 a barrel.
The gains came after recent falls in oil prices, with traders weighing the possibility of a diplomatic opening between Washington and Tehran. US President Donald Trump said he was open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the UN General Assembly in New York this week.
Iran and the US exchanged threats on Sunday, while Tehran has also conveyed conditions to mediators for a possible return to negotiations, according to Al Jazeera.
Tim Waterer, chief market analyst at KCM Trade, said the rise appeared to be a short-covering move rather than a major change in the oil market.
He said prices could remain within a narrow range and react sharply to headlines until there is clearer progress, or a setback, in US-Iran diplomatic efforts.
At the same time, concerns over oil supplies eased after more crude moved through the Strait of Hormuz over the weekend. Saudi Aramco increased exports through the key waterway after attacks on its East-West Pipeline disrupted some shipments through Yanbu.
Tanker tracking data showed around 14 million barrels of Saudi crude were loaded onto seven supertankers in the Gulf on Sunday.
However, supply risks remain in other parts of the region. Yemen’s Houthis said they had attacked targets in Saudi Arabia, including an Aramco facility in Yanbu.
In Libya, an armed group shut a valve on the Sharara pipeline to the Zawiya port, cutting production at the country’s largest oilfield. Output fell by about 200,000 barrels per day to between 100,000 and 105,000 bpd.
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