Oil Prices Flat as US-Iran Peace Talks Stall

Oil prices barely moved in early Asian trade on Thursday, following a day of gains and significant monthly rises. The price of Brent crude futures rose by 12 cents or 0.1% to $98.15 a barrel, while US West Texas Intermediate crude was down 7 cents or 0.1%, at $90.35 a barrel.

Both benchmarks saw a gain of about $1 a barrel on Wednesday, with Brent recording its largest monthly increase since July, at around 14% in September. In contrast, WTI increased by about 5% for the month.

Toshitaka Tazawa, an analyst at Fujitomi Securities, attributed the flat prices to both supply concerns amid stalled peace talks and a recovery in Middle Eastern oil exports. He noted that Saudi Arabia's resumption of oil tanker loadings from its Red Sea port of Yanbu was a significant factor.

However, Tazawa added that a new catalyst, such as progress in peace negotiations, would be needed for WTI to break below the immediate support level of $88 a barrel. Qatar expressed hope that shuttle diplomacy between Tehran and Washington could lead to a breakthrough, while US President Donald Trump denied reports of potential sanctions relief for Iran.