Oil rises for the first time in five sessions amid anticipation of US-Iranian talks

Oil prices rose during trading on Tuesday, recording their first gains after four consecutive sessions of decline, as investors awaited any new developments regarding the possibility of talks between the United States and Iran on the sidelines of the United Nations General Assembly meetings this week.

The rise came at a time when markets are trying to assess the chances of an improved diplomatic landscape and its potential impact on crude oil supplies from the Middle East, especially as prices remain sensitive to any indicators related to geopolitical tensions and shipping traffic through the Strait of Hormuz.

Analysts at Saxo Bank noted that supply concerns have begun to ease somewhat, with shipments passing through the Strait of Hormuz rising to their highest level in six months, which has helped to calm some of the anxiety about disruptions to oil flows from the region.

Nevertheless, markets are still moving cautiously, awaiting any clear signals regarding the course of US-Iranian talks, as their outcome could directly affect supply forecasts and crude oil prices in the coming period.

In the United States, investors are awaiting the release of the American Petroleum Institute's weekly report on crude oil inventories later today, with the U.S. Energy Information Administration scheduled to release official data tomorrow, Wednesday.

Inventory data is of particular interest to the markets, as it can provide new indications about levels of domestic demand and the size of available supplies, especially after the strong fluctuations in oil prices during recent sessions.

In trading, Brent crude futures for November delivery rose by $1.31, or 1.30%, to $101.65 a barrel.

Nymex crude oil futures for October delivery also rose by about $1.09, or 1.15%, to trade at $96.87 a barrel.

This improvement comes after a series of consecutive losses, as the market attempts to regain some balance between easing supply concerns on the one hand, and anticipation of US data and political developments related to the Middle East on the other.