Oil Prices Climb as Traders Await US-Iran Developments at UN

Oil prices rose on Tuesday as investors awaited developments in potential US-Iran talks at the United Nations General Assembly. The Brent crude futures November contract climbed $1.14, or 1.1%, to $101.48 a barrel. The WTI October contract increased by 87 cents, or 0.9%, to $96.65 a barrel.

Tehran and Washington exchanged threats on Sunday, but US President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the UN meeting this week. Tim Waterer, chief market analyst at KCM Trade, stated that oil prices may remain range-bound and sensitive to headlines until there's clear progress or a setback in diplomatic efforts between the US and Iran.

Supply concerns are easing as shipments through the Strait of Hormuz reach a six-month high, and Saudi Arabia is working to restore its East-West pipeline. Crude implied volatility eased 3.3% to 50.39, although it remains historically elevated, according to Saxo Bank analysts.