Oil prices rose slightly on Tuesday as investors watched for signs of a possible diplomatic breakthrough between the United States and Iran during the United Nations General Assembly in New York.
Brent crude futures initially gained 22 cents to $100.57 a barrel, while US West Texas Intermediate crude rose 2 cents to $95.80. The move followed four consecutive sessions of declines, with traders assessing whether talks between Washington and Tehran could ease pressure on global oil supplies.
US President Donald Trump has indicated he is open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the UN gathering. Iran has also communicated conditions for returning to negotiations, although tensions between the two countries remain high.
Supply concerns are continuing to support prices. Production at Libya’s Sharara oilfield has fallen by about 200,000 barrels per day following a disruption to its crude pipeline, while Saudi Arabia has increased shipments through the Strait of Hormuz.
Saudi Aramco loaded about 14 million barrels of crude onto seven supertankers inside the Gulf on Sunday, although exports remain below pre-conflict levels.
Market analysts say further diplomatic progress or increased supplies through the Strait of Hormuz could put downward pressure on prices, while continued disruptions could keep the oil market tight.
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