Oil Prices Climb as Traders Weigh US-Iran Diplomacy and Supply Risks

oilprice.com

Oil prices reversed recent losses and climbed on Tuesday as traders weighed prospects for US-Iran diplomacy against ongoing risks to Middle East energy supplies, ahead of a UN General Assembly session. Brent crude traded at $101.69 per barrel and West Texas Intermediate at $93.38, though some analysts called the move a short-covering bounce rather than a fundamental shift. Speculative investors had increased long positions on Brent to a seven-month high. The G7 foreign ministers on Monday condemned Houthi attacks on Saudi infrastructure and called on Iran to stop arming the Yemeni group, underscoring persistent supply disruption risks.


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