Oil prices advanced this week as traders kept a close watch on supply risks from the Middle East, with diplomatic efforts around the US-Iran standoff set to intensify in the coming days. Brent crude inched closer to $105 a barrel, while West Texas Intermediate hovered near $101.

Over the weekend, an air raid alert was triggered in the Saudi capital Riyadh—the first such warning since the peak of hostilities in March and April—along with alerts at Red Sea ports including Yanbu. The developments underscore the persistent threat posed by Yemen's Houthi militants to Saudi territory.

A spokesperson for Qatar's foreign ministry noted that mediators were shuttling between several capitals to exchange proposals aimed at reviving talks between Washington and Tehran, suggesting that diplomatic channels remain active even as military risks linger.