Brent Crude Rebounds Amid Expectations of US-Iran Talks
Crude oil prices rebounded on Tuesday after four consecutive days of declines as markets awaited potential US-Iran talks at the UN General Assembly. Brent crude futures were trading above $101, up by 1.01% from Monday's close.
The US and Iran are expected to attend the assembly this week, with President Donald Trump saying he would be open to meeting Iranian President Masoud Pezeshkian. Meanwhile, Saudi Aramco has warned European customers that it may not be able to allocate crude cargoes next month due to disruptions caused by drone attacks on its East-West pipeline.
Warren Patterson and Ewa Manthey of ING Think noted that supply concerns remain elevated, with reduced Saudi supply tightening the European market. As a result, some North Sea crude grades are trading at steep premiums to benchmark prices.