NEW YORK: Global crude oil prices rebounded on Tuesday after declining for four consecutive sessions, as investors closely monitored potential diplomatic engagement between the United States and Iran during the United Nations General Assembly this week.
The recovery in oil prices also came as improved crude shipments through the Strait of Hormuz eased some concerns over global supply disruptions.
Brent crude futures for November delivery rose by $1.14, or 1.1%, to $101.48 a barrel as of 0317 GMT.
Meanwhile, the October contract for US West Texas Intermediate (WTI), which expires on Tuesday, gained 87 cents, or 0.9%, to reach $96.65 a barrel.
The more actively traded November WTI contract also advanced by 85 cents, or 0.9%, to $93.22 a barrel.
Market participants are closely watching developments surrounding possible contacts and negotiations between Washington and Tehran, with both sides expected to attract significant attention during the UN General Assembly in New York.
The recent improvement in oil flows through the Strait of Hormuz has also helped ease immediate concerns over crude supplies, although geopolitical developments remain a key factor for the global oil market.
