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WTI slips near $91 as Middle East crude exports rise
Kpler data cited by Reuters showed Middle East shipments climbed to 16.328 million barrels per day in September, the highest since the late-February Iran and US-Israeli conflict began.
WTI was trading around $91.10 per barrel during European hours on Tuesday, after paring gains from the prior session, according to FXStreet. The move came as crude prices eased following a September rebound in exports from key Middle East producers.
Reuters data via Kpler showed regional shipments rising to 16.328 million barrels per day, the highest volume since conflict erupted between Iran and the US-Israeli alliance in late February. FXStreet linked the supply increase to stronger production and exports from Saudi Arabia and the United Arab Emirates.
Despite the pullback, FXStreet said oil prices could rebound quickly amid ongoing uncertainty around US-Iran negotiations. Iranian officials have questioned prospects for resolving hostilities or reopening the Strait of Hormuz before the US midterm elections in November, even as diplomatic efforts continue.
FXStreet added that Iranian Foreign Minister Abbas Araqchi said Tehran expects a US response to its latest proposal on the Strait of Hormuz, and that US and Iranian representatives have been in separate mediation tracks.
Latest closeWTI crude $93.42 ▲1.1%