Oil prices rise as resumption of US‑Iran talks falters
Oil prices rise as resumption of US‑Iran talks falters
Oil prices rose more than 1% in early Monday trading as tensions in the Middle East escalated after U.S. President Donald Trump rejected an Iranian peace proposal, despite expectations that the two sides will hold further talks this week.
By 00:36 GMT, Brent futures had risen $1.32, or 1.27%, to $105.64 a barrel, while U.S. West Texas Intermediate rose 70 cents, or 0.76%, to $93.11 a barrel.
Last week Iran submitted a peace proposal during the UN General Assembly in New York and said it was conveyed to the U.S. side via Qatari intermediaries, but Trump announced on Saturday that he rejected the proposal.
The U.S. president, however, said in a phone interview with Axios on Sunday that he expected U.S. negotiators to hold further talks this week.
On performance, Brent rose 0.4% over the past week, while WTI fell 7.9%, amid concerns that the United States might ban diesel exports to help ease high prices that threaten to raise U.S. refining costs.
Conversely, crude oil exports from major Middle Eastern producers rebounded in September to 12.8 million barrels per day, the highest level since the outbreak of the war in February, according to preliminary data from Kpler released on Monday, with increases in Saudi and UAE exports.
The rise in exports came as shipments through the Strait of Hormuz recovered, which are expected to total about 7.4 million barrels per day in September, according to the data.
