Middle East Exports Bounce Back, Oil Prices Rebound Slightly

Oil prices have rebounded slightly after plummeting on Tuesday due to recovering Middle East exports.

The recovery is attributed to Saudi Arabia's resumption of crude loadings at its Red Sea port of Yanbu, which provides an alternative route bypassing the Strait of Hormuz.

Saudi Aramco has notified customers of its October loading schedule, with nearly 10 million barrels of crude being loaded at Yanbu and nearby Al Muajjiz.

The East-West pipeline has been restored to at least 3.5 million barrels per day, around half of its capacity, reducing some immediate supply risk caused by the conflict.