Oil Prices Rise Amid Stalled US-Iran Peace Talks and Tightening Fuel Markets

Oil prices have risen by about USD1 per barrel following stalled US-Iran peace talks and tightening US fuel markets. The Brent November futures contract settled up 91 cents, or 0.9 percent, at USD103.50 a barrel, while the more active December contract was up USD1.87, or 1.9 percent, at USD98.03. US West Texas Intermediate crude settled at USD90.42, up USD1.04, or 1.2 percent.

Brent recorded a monthly gain of around 14 percent, its biggest since July, while WTI increased by about 5 percent on the month. Qatar has expressed hope that shuttle diplomacy between Tehran and Washington can lead to a breakthrough, but US President Donald Trump denied reports that he was willing to give Iran sanctions relief in return for 'concrete' steps on its nuclear programme.

OPEC+ oil-producing countries are likely to keep their oil production targets steady for November when they meet on Sunday. Goldman Sachs estimates Gulf oil exports have recovered to 23.3 million barrels per day over the last week, in line with their 2025 average. Shrinking US fuel inventories supported oil prices, even as crude stocks grew.