Oil heads higher as US-Iran peace talks in stalemate
USO•Oil prices rose more than 1% after President Donald Trump rejected Iran’s peace proposal, while expecting more talks this week. Brent gained 1.27% to $105.64 a barrel and U.S. WTI rose 0.76% to $93.11.
1. Prices rise on tensions
Brent crude futures rose $1.32 to $105.64 a barrel by 0036 GMT on Monday, while U.S. West Texas Intermediate gained 70 cents to $93.11. Trump rejected Iran’s proposal to resolve the conflict and reopen the Strait of Hormuz, but told Axios he expected U.S. negotiators to hold more talks this week.
2. Regional oil flows rebound
Yemen’s Saudi-led coalition said it intercepted two ballistic missiles and two drones launched by the Houthis toward Saudi Arabia. Middle East crude exports rebounded to 12.8 million barrels per day in September, the highest since the war began in February, as Saudi Arabia and the United Arab Emirates boosted shipments. Exports through the Strait of Hormuz were set to reach about 7.4 million barrels per day this month.
