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      Oil markets await clarity on US-Iran meeting at UNGA

      Oil prices rose in early trading on Tuesday as investors awaited clarity on a possible meeting between the US and Iran at the United Nations General Assembly (UNGA) this week.

      Brent rose 0.8 percent to $101.2 a barrel by 02:50 GMT, while US West Texas Intermediate crude gained 0.5 percent to $92.91 a barrel.

      US President Donald Trump is expected to meet Gulf leaders on Tuesday as the conflict between Saudi Arabia and Yemeni Houthis escalates, ABC News reported.

      Speaking on CNN’s State of the Union on Sunday, US ambassador to the United Nations Mike Waltz said Trump “truly values hearing from them and hearing their concerns” directly.

      Trump is expected to address the UNGA on Tuesday morning.

      The president told Fox News on Sunday that he would be open to meeting Iranian President Masoud Pezeshkian in New York this week.

      Iranian foreign minister Abbas Araghchi arrived in New York on Monday evening, while Pezeshkian is expected to depart on Tuesday to attend the 81st UNGA, the state-run IRNA news agency reported.

      Further reading:

      Two tankers were hit while transiting the Strait of Hormuz on Monday, according to the United Kingdom Maritime Trade Operations Centre.

      In one attack, two crew members sustained minor injuries, it said. Both tankers are continuing to their next port of call.

      Most Gulf stock markets ended lower on Monday.

      Saudi Arabia’s stock index declined 0.6 percent, while Abu Dhabi’s benchmark index fell 1.6 percent.

      Bahrain and Oman slipped, while Kuwait ended flat. Dubai and Qatar’s indexes closed 0.1 percent higher.


      Source: AGBI
      .

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