Oil prices gained for the first time in five sessions on Tuesday as investors awaited developments on potential United States (US) and Iran talks at the United Nations (UN) General Assembly this week after more supplies emerged through the Strait of Hormuz over the weekend.
The Brent crude futures November contract rose $1.72, or 1.7%, to $102.06 a barrel.
The West Texas Intermediate (WTI) October contract, which expires on Tuesday, climbed $1.62, or 1.7%, to $97.4 a barrel.
The more actively traded November contract was up $1.28, or 1.4%, at $93.65 a barrel.
Tehran and Washington exchanged threats on Sunday, though US President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to be in New York this week for the UN meeting.
“The move higher in WTI and the stronger open in Brent have the appearance of a typical short-covering bounce after the recent decline, rather than a fundamental shift,” said Tim Waterer, Chief Market analyst.
“Traders who were positioned for further downside are taking some risk off the table while the diplomatic narrative plays out.”
–Reuters–
