Brent rose 3.29% to $107.75 a barrel and US WTI gained 2.32% to $94.55 by 0540 GMT Monday, after President Donald Trump rejected Iran’s proposal to end the conflict and reopen the Strait of Hormuz. He said he expected US negotiators to hold further talks this week.
Preliminary Kpler data showed crude exports from key Middle East producers rose to 12.8 million barrels per day in September, their highest level since the war began in February. Shipments through Hormuz were expected to reach about 7.4 million bpd. Saudi Arabia and the UAE boosted exports, while Saudi Arabia shifted shipments to Ras Tanura after attacks damaged its East-West pipeline.
Brent gained 0.4% last week, while WTI fell 7.9% amid concern the US could restrict diesel exports to ease record prices, potentially curbing US refining output. ANZ analysts said restrictions could tighten supplies abroad, including in Europe. An analyst cited in the report described $120 a barrel as resistance for Brent and said prices could pull back if shipping improved or talks progressed.
