Oil prices rose but remained below $100 per barrel, awaiting US-Iran talks over the weekend.

Oil prices rose ahead of the US-Iran talks this weekend but remained below $100 a barrel. Emmanuel Bellostrino, head of global oil and geopolitical market data at Kpler, said, "The outcome of the negotiations, particularly whether a viable shipping agreement can be reached, is a key variable in determining whether the current backlog can begin to ease." In early European trading, both WTI and Brent crude oil prices rose briefly, currently trading at $99.7 and $97.6 per barrel respectively. Navigation in the Strait of Hormuz remains largely frozen, and supply disruptions keep the market tense. Iran's attack on Saudi Arabia's main export route (the East-West Pipeline) has reduced its capacity by approximately 700,000 barrels per day. (Jinshi)