Middle East Oil Exports Rebound, Pressuring Prices

Oil prices have settled down by 2.5% on Tuesday as investors focus on signs of recovering crude exports from the Middle East.

Saudi Arabia has resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline, improving the outlook for oil exports from the region.

Crude oil exports from Middle East producers have rebounded to 16.328 million barrels per day in September, the highest since the US-Israeli war on Iran started in late February, according to data from Kpler.

The Saudi move has reduced Iran's bargaining power, as more oil flows through the Middle East, said Dennis Kissler, senior vice president of trading at BOK Financial.