Oil Prices Rise as Hormuz Supply Concerns Persist Amid Ongoing Talks
Oil prices rose on Monday as concerns about supply disruptions persisted following ongoing tensions in the Strait of Hormuz. Qatari mediators are set to hold talks with Iranian Foreign Minister Abbas Araqchi and the US side, with discussions expected to focus on an amended version of a seven-day proposal presented by Iran last week.
Brent futures climbed 96 cents or 0.9% to settle at $105.28 per barrel, while US West Texas Intermediate (WTI) crude rose 19 cents or 0.2% to $92.60 per barrel. This comes after President Trump denied an Axios report that he's considering offering Iran sanctions relief in exchange for progress on the nuclear issue.
Despite the ongoing tensions, crude oil exports from key Middle East producers rebounded in September to 12.8 million barrels per day, the highest since the war started in February. Saudi Arabia and the UAE boosted exports after a recovery in shipments via the Strait of Hormuz.