Oil heads higher as US-Iran peace talks in stalemate
Brent crude climbed 1.74% as traders weighed stalled Iran talks and renewed fears that Middle East supply routes could be disrupted.
- On Monday, oil prices rebounded more than 1 per cent after United States President Donald Trump rejected a peace deal from Iran aimed at resolving conflict in the Strait of Hormuz.
- Iran announced the peace proposal last week at the United Nations General Assembly in New York, transmitting it to Americans via Qatari mediators.
- Brent crude futures rose US$1.82 to US$106.14 a barrel, while West Texas Intermediate crude increased US$1.14 to US$93.55 a barrel as markets reacted to the rejection.
- Despite his Saturday rejection of the proposal, Trump told Axios in a Sunday phone interview that he expects American negotiators to engage in more talks this week.
- Geopolitical risks remain elevated, ANZ analysts noted, as Iran-backed Houthis continue attacks on Saudi Arabia, leaving regional supply flows vulnerable despite rebounding exports from Middle East producers.
106 Articles
106 Articles
Brent crude oil prices rose more than 3 percent on Monday after US President Donald Trump rejected Iran's offer of a seven-day ceasefire, during which Tehran promised to open the Strait of Hormuz.
The price of North Sea Brent crude rose again on Monday, by 3 percent, following US President Donald Trump's rejection of an Iranian peace deal proposal that would have included opening the Strait of Hormuz.
Oil markets reacted strongly on Monday to the latest tensions between Washington and Tehran. The Strait of Ormuz, through which a large portion of the world's oil flows, remains at the heart of concerns. ...
Iran put forward last week at the UN a plan to stop hostilities and reopen Ormuz, which would facilitate the supply of oil in the world, but was rejected by the US President.
Oil prices rose more than 1% on Monday as tensions in the Middle East remained high after Donald Trump rejected an Iranian peace proposal to end the conflict. Crude oil exports from major Middle Eastern producers rebounded in September to 12.8 million barrels per day, the highest level since the war began in February, according to preliminary data from Kpler. Brent futures rose $1.32, or 1.27%, to $105.64 a barrel, while U.S. West Texas Intermed…
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