Oil prices have increased amid stalled negotiations between the United States and Iran, overshadowing signs of recovering crude supplies from the Middle East. Brent crude futures for November rose 0.6% to $103.16 a barrel, while the December contract saw an increase of 94 cents to $97.10. Similarly, U.S. West Texas Intermediate crude climbed by 0.9% to $90.20 per barrel.
The market’s attention remains on diplomatic efforts between Washington and Tehran to resolve ongoing conflicts. Qatar has expressed optimism that continued diplomatic engagement could yield progress. Meanwhile, U.S. President Donald Trump has dismissed reports suggesting that Washington might offer sanctions relief or unfreeze Iranian funds in exchange for Iran’s commitments on its nuclear program.
On the supply side, oil outputs from the Gulf region have shown signs of recovery. Saudi Arabia has resumed tanker loadings at the Red Sea port of Yanbu following the restart of its East-West Pipeline. Despite these developments, analysts caution that persistent fuel shortages and high shipping costs could continue to pressure energy markets.
In addition, U.S. crude and gasoline inventories have experienced an increase over the past week, while distillate stocks have declined. This mixed inventory data adds to the uncertainty surrounding fuel supplies, contributing to the complex landscape affecting oil prices.