Crude Rises as US-Iran Diplomatic Talks Stall Following Qatari Mediation Effort

Crude oil benchmarks gained amid heightened supply risks after Qatari-brokered talks between the United States and Iran stalled. WTI crude climbed 1.5% to $93.94 per barrel while Brent crude rose 1.4% to $106.77. Diplomatic efforts in New York initially saw Iranian President Masoud Pezeshkian push to revive a June memorandum of understanding and discuss reopening the Strait of Hormuz in exchange for ending the US blockade. However, President Donald Trump rejected Tehran's proposals and denied offering sanctions relief, while US officials warned major combat operations could resume after the midterm elections if the impasse persists.