Oil Prices Surge as US-Iran Talks Stall and Middle East Supply Risks Persist
Oil prices continued to rise on Tuesday as concerns over potential disruptions to Middle Eastern supplies persisted despite signs of recovery in regional crude exports.
The Brent crude futures for November delivery rose 2.15% to $100.20 a barrel, while West Texas Intermediate (WTI) futures climbed 1.8% to $94.30.
Qatari mediators were expected to hold separate discussions with Iranian Foreign Minister Abbas Araqchi and US officials on an amended seven-day proposal submitted by Iran last week, but the two sides remained pessimistic about securing an agreement before the US midterm elections.
The diplomatic uncertainty has outweighed evidence that physical crude flows are recovering, with preliminary data from Kpler showing exports from major Middle Eastern producers reached 12.8 million barrels per day in September, their highest level since February.