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Oil prices fall 2.5% as Middle East export flows recover

Brent settled at $102.59 per barrel and WTI at $89.38, while Middle East crude exports rebounded to 16.328 million barrels per day in September.

Reported · Written up by our desk · Energy

Oil prices fell on Tuesday, with investors pointing to signs that crude exports from the Middle East are recovering, despite ongoing concerns about supply disruptions tied to the US-Israeli war on Iran, according to Reuters.

Brent crude futures settled down $2.69, or 2.6%, at $102.59 per barrel, while US West Texas Intermediate settled down $3.22, or 3.5%, at $89.38.

Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline, according to trade sources and shipping data, improving the export outlook.

Crude oil exports from Middle East producers have rebounded in September to 16.328 million barrels per day, the highest since the war began in late September 2023, Reuters reported.

Latest closeWTI crude $93.42 ▲1.1%|Brent $98.85 ▼5.2%

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