Oil Prices Edge Up Ahead of US-Iran Talks at UN General Assembly

Oil prices rose slightly on Tuesday as investors awaited potential US-Iran talks at the United Nations General Assembly this week.

The Brent crude futures November contract gained 22 cents, or 0.22%, to $100.57 a barrel, while the WTI October contract, which expires on Tuesday, crept up 2 cents, or 0.02%, to $95.8 a barrel.

Tim Waterer, chief market analyst at KCM Trade, said that prices were likely to remain range-bound and sensitive to headlines until there was either clear progress or a setback in diplomatic efforts between the United States and Iran.

The recent decline in oil prices has been attributed to Middle East tensions, which have remained elevated after Yemen's Iran-backed Houthis attacked Riyadh and a Saudi Aramco facility in Yanbu.