Oil prices rise as US-Iran talks and Hormuz supply shifts weigh

thestar.com.my

Oil prices rose for the first time in five sessions on Tuesday as investors awaited potential US-Iran talks at the UN General Assembly this week, following increased supplies through the Strait of Hormuz over the weekend. Brent crude rose 1.1% to $101.48 a barrel, while WTI gained 0.9%. US President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian in New York, though analysts described the price move as a short-covering bounce rather than a fundamental shift. Iran conveyed conditions for re-engaging in negotiations, while Middle East tensions remained elevated after Houthi attacks on Saudi targets. Supply concerns eased as Saudi Aramco loaded around 14 million barrels on supertankers in the Gulf, with Strait of Hormuz shipments reaching a six-month high. Separately, Libya's Sharara oilfield production fell by about 200,000 barrels per day after an armed group closed a pipeline valve.


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