🔻Oil prices rise above $105 per barrel

As the prospect of reaching a deal between Iran and the United States has faded, oil prices in today’s trading on global markets rose for the second consecutive day and held on to their level above $100.

A barrel of Brent oil for delivery in November has reached above $105.50, which amounts to an increase of about 2.5%.

In today’s trading, a barrel of West Texas oil also rose above $100.

Over the past two days, Iranian officials have been in contact with American representatives on the sidelines of the United Nations General Assembly, which had increased the likelihood of the two sides coming closer to an agreement.

The lack of progress in talks in New York between the two sides has fueled pessimism in the oil market about the outlook for the deal.

Ismail Baghaei, the spokesperson for Iran’s Ministry of Foreign Affairs, had said about the talks between Abbas Araqchi and Steve Witkoff, the representative of President Trump, on the sidelines of the UN General Assembly: “The engagement with the American side took place through the Qatari mediator.”