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WTI rises above $92 as Qatari talks on Iran lift oil sentiment

Saudi Arabia has restored about half the flows through a cross-country oil pipeline that bypasses a key waterway after drone strikes, adding support to near-term supply concerns.

Reported · Written up by our desk · Energy

WTI, the US crude oil benchmark, was trading around $92.05 in early Asian hours Tuesday, edging higher as traders weighed reports that Qatari mediators plan to hold talks with the US and Iran to seek a path toward reopening the Strait of Hormuz, according to FXStreet.

FXStreet said WTI’s gains were modest after US President Donald Trump rejected an Iranian proposal to reopen the Strait on Sunday, and after Iran’s Foreign Minister Abbas Araghchi said Tehran discussed proposals with Qatari mediators that would be put to the US.

The outlet added that Araghchi said reopening the Strait depends on conditions stressed by Iran’s Supreme Leader, with the US response to be conveyed to Iran through the mediators.

FXStreet also cited uncertainty in the Middle East and worries about ongoing supply disruptions, noting that Saudi Arabia has restored about half the flows through its cross-country oil pipeline that bypasses the critical waterway after drone strikes.

Latest closeWTI crude $93.42 ▲1.1%

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