Dubai \u2013 Oil prices recorded a slight increase at the close of Monday\u2019s trading session, driven by reports that Qatari mediators are holding discussions with American and Iranian officials regarding a potential agreement to end the ongoing conflict. The geopolitical developments provided a backdrop for market stability after recent volatility.<\/p>\n
Futures contracts for Brent crude oil rose by approximately 96 cents, or 0.92 percent, to settle at $105.28 per barrel. Meanwhile, West Texas Intermediate crude futures increased by 19 cents, or 0.21 percent, closing at $92.60 per barrel. These modest gains reflected cautious optimism among traders monitoring the evolving diplomatic landscape in the Middle East.<\/p>\n
Earlier in the week, crude prices had dipped following comments from President Donald Trump, who expressed willingness to ease sanctions on Iran in exchange for tangible progress in reducing its nuclear program. This statement was reported by Axios. However, sentiment shifted positively when Dow Jones News Service announced that Saudi Arabia had resumed oil exports through its East-West Pipeline, signaling improved logistical resilience.<\/p>\n
Data from Kpler indicated that crude exports from major Middle Eastern producers rebounded in September to 12.8 million barrels per day, the highest level since the war began in February. This surge followed the recovery of shipments through the Strait of Hormuz, which are projected to reach about 7.4 million barrels daily this month. Saudi Arabia redirected exports from the Red Sea port of Yanbu to Ras Tanura in the east after attacks damaged the East-West pipeline.<\/p>\n
Brent crude rose 0.4 percent last week, while WTI fell more than 7 percent due to fears that the US might ban diesel exports to curb record prices. Such a move could constrain US refinery production. Diesel premiums in Europe also rose after Trump voiced support for restricting diesel exports. Goldman Sachs warned that any supply shock from limiting diesel flows would quickly impact global markets, including Asia, given Europe, Brazil, and Mexico are primary destinations for US diesel exports.<\/p>\n
This story was produced in the newsroom from the disclosed sources named above.<\/em><\/p>\n