Trump’s UNGA speech: ‘Big decision’ on Iran, economic isolation call and 8 other key points
Trump also said he believed the US and Iran could reach a deal after the November midterm elections, while insisting that Iran would never be allowed to obtain a nuclear weapon.
Oil prices rebounded in Asian markets on Tuesday, following four days of declines, as traders eyed potential U.S.-Iran talks during the United Nations General Assembly. Brent Oil Futures for November rose 1.5% to $101.82 per barrel, while West Texas Intermediate (WTI) crude futures for October also gained 1.5% to $97.22 per barrel. The Brent price slipped 3.4% on Monday, whereas October WTI saw a 4.5% drop, marking their lowest closes since September 9.
President Donald Trump has expressed openness to meeting Iranian President Masoud Pezeshkian, who is set to attend the U.N. General Assembly in New York. Iran has outlined conditions for re-engaging in negotiations with the help of mediators, sparking optimism that diplomacy could mitigate the ongoing conflict. Supply worries have eased as Saudi Arabia reportedly increased crude shipments through the Strait of Hormuz, following disruptions to its East-West pipeline.
According to satellite data from Reuters, Saudi oil flows via Hormuz averaged approximately 2.9 million barrels per day over the last six days, a significant rise from August.
Despite these positive signs, the market remains susceptible to further disruptions. The Iran-aligned Houthis in Yemen continue to target Saudi interests, while Saudi Arabia faces obstacles with some export routes. Britain has pledged limited military assistance to Saudi Arabia to counter Houthi attacks in Yemen. Additionally, the U.S. administration has proposed a $5 billion fund to aid Middle Eastern nations in rebuilding energy infrastructure damaged during the Iran conflict and to reduce their reliance on the Strait of Hormuz, according to the Wall Street Journal.
Investors are also monitoring a scheduled meeting between Trump and Chinese President Xi Jinping later in the week, with discussions centered on trade and geopolitical matters. China, the world's largest oil importer, makes the trajectory of its economy and trade relations a crucial element for crude demand.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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