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Brent crude futures had risen 63 cents, or 0.6%, to $105.91 a barrel by 0002 GMT while US West Texas Intermediate crude was at $93.32, up 72 cents, or 0.8%. "A clearer picture is emerging of higher oil export volumes leaving the Gulf, but much of that increase still relies on workarounds such as ship-to-ship transfers. Those methods are less efficient and more costly than normal operations, which is why crude prices remain elevated," said KCM Trade chief analyst Tim Waterer. Crude exports from major Middle Eastern producers climbed to 12.8 million barrels a day in September, the highest since February, preliminary figures from data provider Kpler showed on Monday, helped by increased shipments from Saudi Arabia and the United Arab Emirates. US and Iranian officials spoke separately with mediators in a renewed effort to end seven months of war, officials of both countries said. Further talks are widely expected to focus on an amended version of a seven-day proposal that Iran presented last week on the sidelines of the United Nations General Assembly. "That perennial hope of a deal is arguably the main factor preventing Brent from moving sustainably above $110 in the near term," Waterer said. There are competing forces, and traders are trying to separate the signal from the noise, he added. The war, which began in late February with US and Israeli attacks on Iran, has focused attention on the Strait of Hormuz, a crucial shipping lane for oil and gas supplies, the disruption of which has upended energy markets. Meanwhile, the US is considering regulatory relief to allow broader sales of red-dyed diesel to help lower prices, action that could allow some buyers to avoid federal fuel tax, people familiar with discussions told Reuters. The proposal emerged from days of deliberation as a leading alternative to a diesel export ban. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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