Oil rises slightly ahead of potential US-Iran talks

Oil prices edged higher on Tuesday, breaking a five-session losing run, as investors awaited possible US-Iran talks linked to the UN General Assembly session later this week, according to The Express Tribune. By 0317 GMT, Brent November futures had climbed $1.14, or 1.1 per cent, to $101.48 a barrel, while the WTI October contract, which expires that day, added 87 cents to $96.65.

The rebound followed larger flows through the Strait of Hormuz over the weekend, as Saudi Aramco expanded exports after East-West Pipeline attacks halted some Yanbu shipments. Earlier, on Sunday, threats were traded between Tehran and Washington, though Trump nonetheless said he was willing to sit down with Iranian President Masoud Pezeshkian, a figure expected at the UN gathering in New York this week. Yemen's Houthis claimed attacks on Riyadh and an Aramco facility in Yanbu, while Libya's National Oil Corporation reported that an armed group had shut a valve on the Sharara pipeline, cutting output by roughly 200,000 barrels daily.

Tim Waterer of KCM Trade viewed the advance as a short-term recovery driven by traders reducing bearish bets, rather than a change in fundamentals. Saxo Bank analysts said supply worries were easing as Hormuz shipments reached a six-month high, though crude implied volatility of 50.39 remained historically high.