Brent crude rises more than 2% and exceeds $107 per barrel

U.S. West Texas Intermediate crude futures also rose more than 2% to $94.50 per barrel.

Tim Waterer, an analyst at KCM Trade, said, "A clearer picture is emerging of increased oil export volumes leaving the Gulf region, but a significant portion of this increase still depends on alternative solutions such as ship-to-ship transfers. These methods are less efficient and more costly than regular operations, which is why crude prices continue to rise."

Initial figures from Kpler Data on Monday showed that crude oil exports from major Middle Eastern producers rebounded in September to 12.8 million barrels per day, the highest level since February, thanks to increased shipments from Saudi Arabia and the UAE.

Officials from the United States and Iran said that officials from both countries had held separate talks with mediators as part of new efforts to end the war that erupted seven months ago.

It is widely expected that any future talks will focus on a modified version of a 7-day proposal submitted by Iran last week on the sidelines of the UN General Assembly.

Waterer said, "This ongoing hope for an agreement is arguably the main factor preventing Brent crude from rising sustainably above $110 in the near term."

He added that there are competing factors, and traders are trying to distinguish between real and false indicators.

The war, which began in late February with U.S. and Israeli attacks on Iran, has focused attention on the Strait of Hormuz, a vital shipping lane for oil and gas supplies, whose disruption has caused turmoil in energy markets.