Trump's UN Address and Diplomatic Talks Fuel Market Caution

Oil prices have remained above $92.00 due to market caution ahead of UN diplomatic talks, which are set to take place later in the day. US President Donald Trump is scheduled to address the UN General Assembly and may hold side meetings with Iranian President Masoud Pezeshkian and Chinese President Xi Jinping.

The proposed establishment of a $5 billion fund by the Trump administration to support the reconstruction of war-damaged infrastructure across the Middle East has also contributed to market anxiety. However, energy supplies have successfully navigated through the Strait of Hormuz over the weekend, which could put downward pressure on oil prices.

Saudi Arabia moved crude through the Strait at a rate of 2.9 million barrels per day over the past six days, and satellite images revealed supertankers with a combined capacity of 14 million barrels docked at Saudi Arabia's Gulf export terminals.