Oil prices rise on stalled US-Iran talks and restrained fuel markets

International oil prices have risen again to over $100 a barrel amid concerns over the stalled US-Iran peace talks and tightening fuel markets in the United States.

The Brent November futures contract, which expired on Wednesday, increased by about 1 per cent to close at $103.53 a barrel.

Brent recorded a monthly gain of around 14 per cent, its biggest since July

Data released by the US Energy Information Administration showed that both petrol and distillate fuel oil inventories fell last week.

They are facing downward pressure due to a combination of geopolitical supply disruptions, strong export demand, and strategic reserves release.

Its stockpiles have dropped as countries around the world call on the US to fill the gap in supply of oil and other petroleum products, impacted by the war in Ukraine and Iran.

Even though Gulf crude shipments are recovering, the war has left global inventories depleted and supplies of refined products such as diesel remain tight.

That could keep energy prices elevated even as more crude reaches the market.