Oil Rises Ahead of Potential US-Iran Talks - Sarmad

Oil prices rose on Tuesday as markets stabilized after several days of declines, with investors awaiting developments in potential talks between the United States and Iran on the sidelines of the United Nations General Assembly meetings this week.

November Brent crude futures rose 22 cents, or 0.22 percent, to $100.57 per barrel by 00:21 GMT. U.S. West Texas Intermediate crude futures for October delivery, which expire on Tuesday, also rose, gaining 2 cents, or 0.02 percent, to $95.80 per barrel.

Iran and the United States exchanged threats on Sunday, but U.S. President Donald Trump said he was open to meeting his Iranian counterpart Masoud Pezeshkian, who is expected to be in New York this week to attend the UN General Assembly meetings.

Tim Waterer, chief market analyst at KCM Trade, said, “The rise in West Texas Intermediate and the strong opening for Brent crude appear to be a typical rebound driven by short-covering after the recent decline, rather than a shift in market fundamentals.”

He added, “Traders who bet on further declines are reducing some risks as diplomatic events unfold.”