Gulf Exports Bounce Back, Easing Oil Price Pressures

Oil prices dipped on Thursday as recovering crude exports from the Gulf and a surprise rise in US inventories eased supply concerns, while investors weighed renewed US-Iran diplomatic efforts.

Brent crude futures fell 1.1% to $96.92 a barrel by 0420 GMT, and US West Texas Intermediate crude dropped 1.4% to $89.18 a barrel.

Saudi Arabia's resumed oil tanker loadings from Yanbu helped ease supply concerns, while US crude inventories rose by 922,000 barrels to 427.3 million barrels in the week ended September 25.

Renewed diplomatic engagement between the US and Iran could further reduce geopolitical risk premium, but a breakthrough remains uncertain, according to Sugandha Sachdeva, founder of SS WealthStreet.