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Oil prices climb ahead of US-Iran talks
Oil prices have risen after a prolonged decline as markets await potential talks between the U.S. and Iran on the sidelines of the United Nations meetings. The markets remain influenced by regional tensions and supply disruptions. Brent crude rose by 1.7% to reach $102.06 per barrel, while West Texas Intermediate increased by 1.7% to $97.4. This increase comes amid efforts by Saudi Aramco to boost its exports through the Strait of Hormuz to the highest level in six months, compensating for the partial shutdown of the East-West pipeline following attacks by the Houthis. Meanwhile, Libya’s supplies have decreased by about 200,000 barrels per day after the pipeline was closed, leading to intense market anticipation and significant movements in global supply and output.
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