Oil Prices Rise Ahead of US-Iran Talks Amid Diplomatic Tensions

Oil prices rose for the first time in five sessions on Tuesday, gaining momentum ahead of potential US-Iran talks at the United Nations General Assembly. The Brent crude futures November contract increased by $1.14, or 1.1%, to $101.48 a barrel.

The WTI October contract climbed 87 cents, or 0.9%, to $96.65 a barrel, while the more actively traded November contract was up 85 cents, or 0.9%, at $93.22 a barrel.

US President Donald Trump expressed his willingness to meet with Iranian President Masoud Pezeshkian, who is expected to attend the UN meeting this week.

Analyst Tim Waterer noted that oil prices may remain range-bound and sensitive to headlines until there is clear progress or a setback in diplomatic efforts between the US and Iran.