PRECIOUS METALS | Oil Rises as Middle East Supply Risks Intensify

Oil prices rose as traders continued to track Middle East supply risks. According to Sina Finance, Brent crude moved closer to $105 a barrel, while WTI approached $101 a barrel. Diplomatic activity around the U.S.-Iran conflict is set to intensify this week. According to Sina Finance, Riyadh issued an air raid alert over the weekend for the first time since the conflict peak in March and April, and ports including Yanbu on the Red Sea coast also issued warnings. Qatar's Foreign Ministry spokesman said mediators are moving between several capitals, exchanging proposals and pushing for renewed U.S.-Iran talks.