Brent crude oil prices exceed 100 dollars as all eyes turn to the October 4 OPEC+ meeting
Oil prices have risen amid weakening expectations of a ceasefire between the US and Iran, stirring the markets as investors await the critical OPEC+ meeting.
The barrel price of Brent crude started the new week with an increase, surpassing 100 dollars due to weakening expectations of a ceasefire between the US and Iran.
Rise in Oil Prices
Having climbed up to 99.76 dollars on Friday, the futures barrel price of Brent crude had closed the day at 97.44 dollars. Meanwhile, the December futures barrel price increased by 3.5 percent compared to the close, reaching the 100.84 dollar level.
At the same time, the November futures barrel price of West Texas Intermediate crude was determined at 95.65 dollars in the markets.
Developments Between the US and Iran
News flow indicating that US President Donald Trump rejected Iran's peace proposal played a significant role in the price surge. Trump stated that they want to make a deal, but not under the conditions he desires.
Iranian Foreign Minister Abbas Araghchi stated that they heard their 7-point proposal, transmitted through mediators, was rejected by Trump.
Strait of Hormuz and Statements
Iranian Parliament Speaker Mohammad Bagher Ghalibaf reacted to US Treasury Secretary Scott Bessent's statement claiming that the Strait of Hormuz is open.
Ghalibaf pointed to the rising global oil prices driven by the continued closure of the strait as an example of this situation.
Focus on the OPEC+ Meeting
Global markets are locked in on the critical meeting to be held on October 4 by the OPEC+ group, which includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.