Crude Oil Prices Rise as Peace Talks Stall Amid Shipping Risk Concerns

Crude oil prices have risen as hopes for peace talks to resolve the Hormuz Strait issue have stalled.

The West Texas Intermediate (WTI) crude oil futures are trading at $93.78, up 1.45% or $1.34 from last Monday's opening price, while December Brent crude oil futures are trading at $98.69, up 1.10% or $1.07.

The recent uptrend in oil prices can be attributed to the fact that the peace talks did not result in a concrete deal, leaving traders to focus on headlines related to Hormuz, Saudi infrastructure, and the Houthis.

Despite Middle East exports reaching 12.8 million barrels per day in September, the highest since February, the shipping risk remains a concern for sellers.