Oil Prices Rebound as Markets Await US-Iran Talks at UN General Assembly

Oil prices rebounded on Tuesday after four consecutive days of decline as markets awaited potential US-Iran talks at the UN General Assembly. Brent crude futures rose by 1.01% to $101.35, while WTI crude oil futures gained 0.76% to $93.07.

The price increase came despite supply concerns remaining elevated, according to Warren Patterson and Ewa Manthey of ING Think. Saudi Aramco has warned European customers that it may be unable to allocate crude cargoes next month due to disruptions to the East-West pipeline.

Iran's conditions for re-engaging in negotiations with the US have been conveyed to mediators, while China has privately urged Iran to help curb attacks by the Houthis. Saudi Aramco increased exports through the Strait of Hormuz after attacks on its East-West Pipeline forced it to halt some shipments through Yanbu.