Oil rises as US-Iran talks stall, keeping Middle East tensions high
Oil prices rose over 1% on Monday after US President Donald Trump rejected an Iranian peace proposal, keeping Middle East tensions high. Brent crude climbed 1.27% to $105.64 a barrel, while US West Texas Intermediate rose 0.76% to $93.11. Iran had presented the peace plan at the UN General Assembly via Qatari mediators, but Trump dismissed it on Saturday, though he expected more talks this week. Geopolitical risks persist as Houthi attacks on Saudi Arabia continue, and record US diesel prices have sparked debate over potential export curbs. Middle East crude exports rebounded in September to 12.8 million barrels per day, the highest since February, as Saudi Arabia and the UAE boosted shipments via the Strait of Hormuz. Saudi Arabia diverted exports from Yanbu to Ras Tanura following pipeline damage from attacks.