Ice Brent crude futures rose in early Asian trading, as market participants kept on a close watch on US-Iran relations.
The Ice front-month December Brent contract was at $116.17/bl at 04:00 GMT, up by $1.29/bl from its settlement on 29 October when it ended 44¢/bl lower.
The Nymex front-month December crude contract was at $103.20/bl, higher by $1.20/bl from its settlement on 29 October, when it ended 78¢/bl lower.
Iran has confirmed receiving a diplomatic missive from US vice president JD Vance, but reiterated its conditions for allowing free navigation through the strait of Hormuz.
Vance addressed his letter to Iran's supreme national security council secretary Mohsen Rezaei, according to Iranian news agency Tasnim, which is affiliated with Iran's Islamic Revolutionary Guard Corps. Rezaei has yet to respond to the letter, but Tehran would insist on the US' consent to the conditions set for allowing free navigation through Hormuz, Tasnim said.
Iran's conditions effectively restate, and demand implementation of, concessions Trump agreed to in June under a briefly-lived memorandum of understanding (MoU) with Iran. Tehran is eyeing repatriation of frozen Iranian assets in foreign banks, the lifting of the US naval blockade and broad sanctions relief.
Iran's Islamic Revolutionary Guard Corps (IRGC) claimed on 29 October that three oil tankers caught fire and were abandoned after striking naval mines in the "unauthorised route" of the strait of Hormuz.
The claims follows previous IRGC statements attributing vessel incidents to naval mines. The US Central Command (Centcom), which oversees US forces in the Middle East, said that Iranian media claims of vessels hitting sea mines while transiting the strait of Hormuz are false, adding that the primary transit route of the strait remained free of mines.
China's crude buying slowed in October, as demand fell because of high prices and intensified attacks on Middle Eastern oil infrastructure intensified.
China also appeared to be trimming refinery runs in October, despite tight domestic diesel markets and lucrative export margins.
Ice Brent crude futures rose in early Asian trading, as market participants kept on a close watch on US-Iran relations.
The Ice front-month December Brent contract was at $116.17/bl at 04:00 GMT, up by $1.29/bl from its settlement on 29 October when it ended 44¢/bl lower.
The Nymex front-month December crude contract was at $103.20/bl, higher by $1.20/bl from its settlement on 29 October, when it ended 78¢/bl lower.
Iran has confirmed receiving a diplomatic missive from US vice president JD Vance, but reiterated its conditions for allowing free navigation through the strait of Hormuz.
Vance addressed his letter to Iran's supreme national security council secretary Mohsen Rezaei, according to Iranian news agency Tasnim, which is affiliated with Iran's Islamic Revolutionary Guard Corps. Rezaei has yet to respond to the letter, but Tehran would insist on the US' consent to the conditions set for allowing free navigation through Hormuz, Tasnim said.
Iran's conditions effectively restate, and demand implementation of, concessions Trump agreed to in June under a briefly-lived memorandum of understanding (MoU) with Iran. Tehran is eyeing repatriation of frozen Iranian assets in foreign banks, the lifting of the US naval blockade and broad sanctions relief.
Iran's Islamic Revolutionary Guard Corps (IRGC) claimed on 29 October that three oil tankers caught fire and were abandoned after striking naval mines in the "unauthorised route" of the strait of Hormuz.
The claims follows previous IRGC statements attributing vessel incidents to naval mines. The US Central Command (Centcom), which oversees US forces in the Middle East, said that Iranian media claims of vessels hitting sea mines while transiting the strait of Hormuz are false, adding that the primary transit route of the strait remained free of mines.
China's crude buying slowed in October, as demand fell because of high prices and intensified attacks on Middle Eastern oil infrastructure intensified.
China also appeared to be trimming refinery runs in October, despite tight domestic diesel markets and lucrative export margins.
By YouLiang Chay