London (HRNW)- Global crude oil prices edged higher on Tuesday as investors monitored the possibility of renewed contact between the United States and Iran during the United Nations General Assembly in New York.
According to Reuters, the November Brent crude contract rose by 22 cents, or 0.22 percent, to $100.57 per barrel. The October West Texas Intermediate (WTI) contract, which expires Tuesday, increased by 2 cents, or 0.02 percent, to $95.80 per barrel.
The more actively traded November WTI contract also gained 13 cents, or 0.14 percent, to $92.49 per barrel.
The modest increase followed several sessions of declining prices, with investors now closely watching developments at the UN General Assembly for signs of possible diplomatic engagement between Washington and Tehran.
The United States and Iran exchanged threats over the weekend, while US President Donald Trump said he remained open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the General Assembly in New York.
Market analysts said the latest rise appeared to reflect short-term positioning after the recent decline rather than a fundamental shift in oil-market conditions.
Oil markets remain highly sensitive to developments surrounding the US-Iran conflict, the Strait of Hormuz, and the security of global energy supplies, with diplomatic developments likely to influence prices in the coming days.
Support HRNW’s independent journalism and humanitarian reporting.
Donate now: www.hrnww.com/?page_id=1083
