Middle East Oil Shipments Rebound, WTI Crude Prices Fall

West Texas Intermediate (WTI) crude oil prices have fallen to near $89.00 per barrel as Middle East oil shipments recover towards pre-war levels.

The rebound in shipments was boosted by Saudi Arabia's restoration of half the capacity of its East-West pipeline, which pushed flows through the Strait of Hormuz up to 13.2 million barrels per day.

Despite this, prices may not hold due to ongoing US-Iran territorial disputes and a lack of a lasting agreement to end the war.

The US has proposed reopening the waterway to Iran, but markets remain cautious about the durability of this recovery without a firm resolution.