<\/p>\n
Oil gained, snapping a four-day drop, as traders weighed Middle East supply risks against a diplomatic push to end the US-Iran war.<\/p>\n
Brent rose toward $102 a barrel, after tumbling by nearly 8% over the previous four sessions. President Donald Trump is set to address the\u00a0United Nations General Assembly\u00a0in New York later on Tuesday, and may meet with his Iranian counterpart, Masoud Pezeshkian, on the sidelines. In addition, the US president will host a summit with China\u2019s leader Xi Jinping later this week.<\/p>\n
\u201cInvestors will be watching for any progress on the diplomatic front as President Trump meets with Presidents Pezeshkian and Xi,\u201d said Hamad Hussain, senior climate and commodities economist at Capital Economics Ltd. However, it is not guaranteed the talks will result in tangible progress given how far apart the US and Iran remain in their demands, he added.<\/p>\n
Supply risks in the Middle East remain acute, with a tanker reportedly struck in the Strait of Hormuz on Monday, according to UK Maritime Trade Operations.\u00a0Satellite data has shown\u00a0Saudi Arabia\u2019s observed loadings from inside the Persian Gulf have jumped, suggesting the kingdom has shifted exports back toward the waterway after the shutdown of a key cross-country pipeline.<\/p>\n
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In Libya, meanwhile, output at the country\u2019s largest oil field has slumped by more than half after a pipeline running to the Zawiya export terminal was shut by an armed group. The Sharara field is currently pumping about 127 000 barrels a day, people with knowledge of the matter said.<\/p>\n
Oil has rallied almost 70% this year as war in the Middle East disrupted shipments through Hormuz, while the Russia-Ukraine conflict damaged energy infrastructure. Refined products have advanced even faster than crude, with US retail diesel prices jumping to a record above $6.50 a gallon.<\/p>\n
The war in the Middle East \u2014 which erupted in February when the US and Israel attacked Iran \u2014 is still drawing in more nations. The UK has agreed to support\u00a0Saudi Arabia\u2019s military\u00a0in countering the Tehran-backed Houthis, as the kingdom comes under attack from the Yemeni militants, who have also been threatening shipping in the Red Sea and near the Bab el-Mandeb chokepoint.<\/p>\n
The European Union\u2019s top diplomat, Kaja Kallas, called for member states to send more naval vessels to protect shipping in the Red Sea, potentially beefing up\u00a0Operation Aspides. The initiative, underway since 2024, \u201cneeds more naval assets and more air assets to address the increased level of threats in the region,\u201d Kallas told reporters in New York.<\/p>\n
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Brent for November settlement gained 1.4% to $101.74 barrel at 1:22 p.m. in Singapore.
\nWTI for October delivery, which expires on Tuesday, rose 1.1% at $96.85.<\/p>\n
Separately, the Trump administration has proposed a\u00a0$5 billion fund\u00a0to help rebuild infrastructure across the region damaged in the war. The so-called Partnership for Allied Construction & Trust would be led by the US Development Finance Corporation with the goal of encouraging investment, reconstruction and economic expansion, according to a document outlining the idea.<\/p>\n
The broad-based spike in energy this year has stoked inflation, with the Federal Reserve hiking interest rates last week to slow the pace of price gains. Fed Bank of St. Louis President Alberto Musalem said additional increases may still be needed to achieve the central bank\u2019s goal.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Oil #snaps #losing #run #traders #track #supply #risks #diplomacy<\/p>\n","protected":false},"excerpt":{"rendered":"
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