Technologies

Oil extends gains as Middle East supply concerns persist

The U.S. and Iran are reportedly talking separately to mediators as part of renewed efforts to end the conflict, with regional mediators pushing for ceasefire negotiations.

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Technologies

Oil prices climb further as Middle East supply worries linger

Oil prices continued to rise on Tuesday as concerns about prolonged Middle East conflict and ongoing tensions in the Strait of Hormuz persisted.

Oil prices rose on Tuesday, extending gains for a second consecutive day, as concerns grew that the Middle East conflict may persist longer, despite reported efforts to ease tensions.

International benchmark Brent crude futures for November delivery increased by 1.22% to $106.56 per barrel. U.S. West Texas Intermediate futures advanced over 1% to $93.57 per barrel.

The United States and Iran are engaging in separate talks with mediators as part of renewed efforts to end the conflict. According to Iranian Foreign Minister Abbas Araghchi, as reported by Al Jazeera, Tehran held indirect discussions with the U.S. via Qatari mediators in New York.

Progress in these talks will be a key focus for markets, as regional mediators push for ceasefire negotiations, said Mahmoud Mashal, senior market analyst at VT Markets Dubai. He added that any meaningful progress could drive crude oil prices lower.

However, concerns about energy infrastructure and flows in the region persist due to renewed tensions between Saudi Arabia and the Houthis, according to Mashal.

The Strait of Hormuz, a critical waterway that previously handled 20% of global oil supply before the war, remains under close scrutiny.

On Saturday, Trump rejected Tehran’s conditional proposal to reopen the strait, telling aides that he expects to resume bombing Iran after the midterm elections in November.

Technologies

Five detained in probe of alleged bomb scheme at US-linked UK air base as Iran refutes involvement

British police arrested five men near RAF Fairford on suspicion of an alleged bomb plot targeting a U.S. Air Force base, as Iran denied any involvement in the scheme. Authorities are investigating whether the attack was orchestrated by individuals acting on behalf of a foreign state.

Counterterrorism police are probing whether individuals acting on behalf of a foreign government were behind an alleged bomb threat targeting a U.K. base used by the U.S. Air Force, as Iran has dismissed claims of its involvement. British authorities detained five men on Sunday near RAF Fairford in western England on suspicion of possessing explosives and committing terrorism-related crimes. They were released on bail on Monday. Laurence Taylor, head of counter-terrorism policing at London’s Metropolitan Police, stated at a press conference that investigators were examining whether the disrupted plot involved “proxies or individuals, either knowingly or unknowingly, working on behalf of a foreign state.” RAF Fairford serves as the U.S. Air Force’s command center for European operations and American airstrikes against Iranian missile installations. In July, Iran’s Revolutionary Guard warned that any base used in strikes against the Islamic Republic is a legitimate target. Iranian Ambassador Seyed Ali Mousavi previously described allowing U.S. bombers to operate from the Fairford base as an “important matter for our self-defense.” The Iranian Embassy in London stated on Monday that it “categorically” rejected and “strongly condemned” speculation connecting the country to the alleged conspiracy. In a social media statement, Iran’s embassy asserted: “The circulation of such fabricated speculations, particularly in the aftermath of the criminal acts of aggression committed by the United States and the Israeli regime against the Iranian people, will serve no purpose other than to fuel Iranophobia propaganda in the UK.” It further noted: “The Islamic Republic of Iran reserves the right to take appropriate legal measures, as necessary, to safeguard the rights and interests of the country and its people in response to misleading and damaging media narratives.” When questioned about possible Iranian involvement in the plot, U.K. Defence Secretary Wes Streeting said on Monday it would be “very unwise” for him to comment. U.K. Prime Minister Andy Burnham called the incident “deeply concerning” and affirmed that his government is taking “every step necessary” to protect communities and ensure national safety. “The investigation is ongoing, and I would urge people not to speculate while the authorities establish the full facts,” Burnham said in a social media post on Sunday. Negotiations between the U.S. and Iran seemed to have stalled, with U.S. President Donald Trump rejecting Tehran’s conditional proposal to reopen the Strait of Hormuz. However, Trump told Axios in a phone interview on Sunday that he anticipated U.S. negotiators would pursue further talks later in the week. Oil prices surged sharply on Monday morning. International benchmark Brent

Technologies

Oil prices retreat from peaks as Saudi Arabia reportedly restores key pipeline operations

Oil prices pulled back from session highs on Monday as Saudi Arabia reportedly ramps up its critical East-West pipeline after repairs, restoring flows to around 3.5 million barrels per day.

Crude oil prices eased from their daily highs on Monday, following news that Saudi Arabia is gradually resuming operations on its vital East-West pipeline after completing necessary repairs.

According to sources familiar with the situation, Riyadh has reinstated pipeline flows to roughly 3.5 million barrels per day, as reported by Bloomberg News and The Wall Street Journal.

Additionally, loading activities have recommenced at the Red Sea port of Yanbu, based on the same reports.

The pipeline, which can handle up to 7 million barrels per day, was shut down earlier this month due to damage caused by a drone attack originating from Iraq.

In a separate development, a White House representative told CNN that U.S. President Donald Trump may consider lifting sanctions on Iran and unfreezing assets if meaningful progress is made toward a nuclear agreement. A U.S. official also conveyed this openness to Axios.

Previously, Trump dismissed Iran’s conditional proposal to reopen the Strait of Hormuz and informed advisors that he anticipates renewed U.S. military action against the country following the November midterm elections, as reported by The Wall Street Journal on Friday, citing unnamed U.S. officials.

Trump later acknowledged to reporters that he had turned down Tehran’s recent offer, stating: “They made a proposal but I rejected it.”

Meanwhile, Yemen’s Saudi-led coalition announced on Saturday that it had successfully intercepted projectiles launched by Iranian-backed Houthi rebels.

Iranian Foreign Minister Abbas Araghchi proposed on Friday that the strategically important shipping lane be reopened and that nuclear discussions with Washington resume within seven days, contingent upon the Trump administration accepting Tehran’s preconditions.

“If certain conditions are met, the Strait of Hormuz will be open at the end of seven days, and talks will be restarted,” Araghchi told reporters on the sidelines of the United Nations General Assembly in New York.

These conditions include an end to what Tehran refers to as U.S. “acts of aggression,” the removal of the naval blockade and economic sanctions, and the unfreezing of Iranian assets, according to Iranian foreign ministry spokesperson Esmaeil Baghaei.

Trump had previously stated that he expected the ongoing conflict—initiated by U.S. and Israeli airstrikes on Iran on February 28—to conclude shortly after the midterm elections, with oil prices projected to decline thereafter.

Nevertheless, energy market observers are currently weighing the risk of renewed tensions between the U.S. and Iran post-midterms, as noted by Cornelia Meyer, CEO of Meyer Resources.

“I believe everyone hopes this scenario does not unfold, given that we are relying on borrowed supply. Many nations are operating off their existing reserves,” Meyer said in an interview with CNBC’s “Access Middle East” on Monday.

— CNBC’s Azhar Sukri contributed to this report