Crude oil prices climbed as traders await US-Iran diplomatic developments, even as supply disruptions in Libya and ongoing Middle East tensions keep the market outlook tight.
Brent crude futures rose 1.29% to $101.63 a barrel on supply concerns and potential US-Iran talks.
WTI October contract climbed 0.96% to $96.70 a barrel, rebounding after four sessions of declines.
Saudi Aramco increased exports through the Strait of Hormuz after attacks on its facility, balancing supply concerns with continued operational disruptions.
Brent and WTI crude futures rebounded on Tuesday, snapping a four-session losing streak as investors weighed geopolitical tensions against potential diplomatic breakthroughs at the UN General Assembly. While supply concerns persist due to regional conflicts, Saudi Aramco has increased exports through the Strait of Hormuz to stabilize global flows.
Prices recovered as traders sought fresh developments regarding supply risks and potential diplomatic talks between the US and Iran at the UN General Assembly.
An armed group closed a valve on the Sharara crude pipeline, causing a production decline of approximately 200,000 barrels per day.