Commodities
Oil Prices Rebound on Hopes of US-Iran Talks
Oil prices rebounded on Tuesday as traders monitored the possibility of US-Iran talks on the sidelines of the United Nations General Assembly. The talks have boosted hopes for increased shipments through the Strait of Hormuz.
Brent crude futures for November delivery gained $1.14, or 1.1%, to $101.48 a barrel in early trading. This marks the first increase in six sessions.
US West Texas Intermediate (WTI) crude futures for October delivery rose 87 cents, or 0.9%, to $96.65 a barrel. The increase is attributed to the potential relaxation of tensions between the US and Iran.