Oil prices edged higher in Asian trading on Tuesday after four consecutive sessions of losses, as investors focused on the possibility of U.S.-Iran talks on the sidelines of the United Nations General Assembly this week.

As of 21:15 ET (01:15 GMT), Brent Oil Futures expiring in November rose 0.6% to $100.89 per barrel, while West Texas Intermediate (WTI) crude futures for October gained 0.4% to $96.19 per barrel.

Brent settled 3.4% lower on Monday, while October WTI fell 4.5%, with both benchmarks posting their lowest closes since Sept. 9.

U.S. President Donald Trump has said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected in New York for the U.N. General Assembly.

Iran has also conveyed conditions for re-engaging in negotiations through mediators, raising hopes that diplomacy could help de-escalate the conflict.

Supply concerns have also eased as Saudi Arabia has reportedly increased crude shipments through the Strait of Hormuz after disruptions to its East-West pipeline.

Saudi oil flows through Hormuz averaged about 2.9 million barrels per day over the past six days, up sharply from August, according to satellite data cited by Reuters.

Still, the market remains vulnerable to renewed disruptions.

Yemen’s Iran-aligned Houthis have continued attacks on Saudi targets, while Saudi Arabia has faced constraints on some export routes.

Britain has agreed to provide limited military support to Saudi Arabia as Riyadh faces attacks from Houthi militants in Yemen.

Meanwhile, the Trump administration has proposed investing $5 billion in a new fund to help Middle Eastern countries rebuild energy infrastructure damaged during the Iran war and reduce their dependence on the Strait of Hormuz, the Wall Street Journal reported.

Investors are also watching a planned meeting between Trump and Chinese President Xi Jinping later this week, with trade and geopolitical issues on the agenda. China is the world’s largest oil importer, making the outlook for its economy and trade relations an important factor for crude demand.

Source: Investing.com

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