West Texas Intermediate crude futures for November delivery closed up 19 cents, or 0.21%, at 92.60 dollars per barrel, while Brent crude futures for November delivery rose 96 cents, or 0.92%, to close at 105.28 dollars per barrel. Oil prices surged by more than 4 dollars early in the session after U.S. President Donald Trump rejected Iran's conditional peace proposal, which aimed to end the conflict in the Middle East and open the Strait of Hormuz, before prices pared gains later on following reports that Qatari mediators might hold separate talks with Iranian Foreign Minister Abbas Araghchi in New York and with the U.S. side on Monday or Tuesday, focusing on a revised 7-day proposal that Iran put forward last week on the sidelines of the United Nations General Assembly. Kpler reported that crude exports from major Middle Eastern producers recovered in September to 12.8 million barrels per day, the highest level since the Iran war began in February, as Saudi Arabia and the United Arab Emirates stepped up exports, with crude shipments through the Strait of Hormuz expected to reach about 7.4 million barrels per day this month. However, analysts at UBS said oil flows remain below pre-Iran war levels, indicating that oil supply conditions in the market remain tight. Meanwhile, investors are watching U.S. diesel export restrictions, with President Trump saying the White House is still considering such measures amid political pressure to address soaring fuel prices ahead of the November midterm elections, which analysts warn could worsen the global fuel crisis.
UBS Group AGTrump's rejection of Iran's peace proposal raised Middle East conflict risk, lifting Brent crude futures
Trump's rejection of Iran's peace proposal raised Middle East conflict risk, lifting WTI crude futures
