Oil prices rebound on Tuesday

Oil prices rose on Tuesday after four consecutive sessions of declines as investors awaited potential US-Iran talks at the United Nations General Assembly this week, while increased supplies through the Strait of Hormuz eased some supply concerns.

Brent crude futures for November gained $1.29, or 1.29 per cent, to $101.63 a barrel by 0758 GMT, while October WTI futures rose 92 cents, or 0.96 per cent, to $96.70. The more actively traded November WTI contract was up 80 cents, or 0.87 per cent, at $93.17.

US President Donald Trump said he was open to meeting Iranian President Masoud Pezeshkian, who is expected in New York for the UN meeting. Middle East tensions remained elevated, while an armed group’s closure of a valve on Libya’s Sharara crude pipeline cut field production by around 200,000 barrels per day to 100,000-105,000 bpd.

Saudi Aramco meanwhile increased exports through the Strait of Hormuz, with around 14 million barrels of crude loaded on seven supertankers in the Gulf on Sunday, tanker-tracking data showed.

Diesel prices have also reached record highs in Europe and the US as conflicts in Iran and Ukraine disrupted exports from major producers including Russia, Saudi Arabia and the UAE.