Oil prices rebound to $101 as US-Iran talks and supply risks shape market outlook
Oil prices rose on Tuesday, breaking a four-day losing streak, as markets weighed potential supply disruptions from Middle East tensions. Brent crude futures for November climbed 74 cents to $101 a barrel, while West Texas Intermediate gained 41 cents to $96 a barrel. The rebound came as investors monitored diplomatic efforts at the UN General Assembly, where US President Donald Trump expressed openness to meeting Iranian President Masoud Pezeshkian. Saudi Aramco loaded about 14 million barrels onto seven supertankers after halting some shipments through Yanbu following attacks on its East-West Pipeline. JPMorgan analysts said they no longer have a clear baseline view for oil markets, citing uncertainty over how the conflict could unfold. Goldman Sachs outlined a scenario where prices could reach $120 a barrel if shipping attacks intensify, or fall to $80 if exports normalize.