Ammon News - Oil prices gained for the first time in five ​sessions on Tuesday as investors awaited developments on potential US-Iran talks at the United Nations General Assembly ‌this week after more supplies emerged through the Strait of Hormuz over the weekend.

The Brent crude futures November contract rose $1.14, or 1.1%, to $101.48 a barrel at 0317 GMT. The WTI October contract, which expires on Tuesday, climbed 87 cents, or 0.9%, to $96.65 a barrel.

The more ​actively traded November contract was up 85 cents, or 0.9%, at $93.22 a barrel.

Tehran and Washington exchanged threats on Sunday, ​though US President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian, ⁠who is expected to be in New York this week for the UN meeting.

"The move higher in WTI and the ​stronger open in Brent have the appearance of a typical short-covering bounce after the recent decline, rather than a fundamental ​shift," said Tim Waterer, chief market analyst at KCM Trade.

"Traders who were positioned for further downside are taking some risk off the table while the diplomatic narrative plays out."

Over the weekend, Iran also conveyed its conditions to mediators for re-engaging in negotiations, Al Jazeera reported, citing ​Iran's security chief, Mohsen Rezaei.

Waterer said oil prices were likely to remain range-bound and sensitive to headlines until there ​was either clear progress or a setback in diplomatic efforts between the US and Iran.


Reuters