Brent settled up 0.9% at $105.28 a barrel and WTI rose 0.2% to $92.60 as supply concerns persisted after Trump rejected Iran’s proposal to reopen the Strait of Hormuz. Qatari mediators were expected to hold separate talks with the US and Iran on Monday or Tuesday.
Oil prices settled slightly higher on Monday after rising more than $4 a barrel in early trading. Brent futures gained 96 cents, or 0.9%, to $105.28 a barrel, while WTI crude rose 19 cents, or 0.2%, to $92.60.
Qatari mediators were expected to hold separate talks with Iranian Foreign Minister Abbas Araqchi and the US side on Monday or Tuesday, an official briefed on the negotiations said. The talks were expected to focus on an amended version of Iran’s seven-day proposal. Middle East crude exports rebounded to 12.8 million barrels per day in September, the highest since the war started in February, preliminary Kpler data showed; flows through the Strait of Hormuz remained below pre-conflict levels.
The White House was considering regulatory relief that would allow broader sales of red-dyed diesel as fuel prices soared, two people familiar with the discussions said. The Brent premium over WTI futures rose to its highest since May for the third time in four trading sessions.
