Middle East Uncertainty Sends Oil Prices Reeling Amid Export Recovery

Oil prices retreated on Tuesday after recent gains as investors weighed signs of export recovery by Middle Eastern producers against uncertainty surrounding the Iran war.

Crude exports from the region climbed to 15.5 million barrels per day in September, good for more than 80% of prewar levels and the highest level since the conflict began seven months ago.

Saudi Arabia spearheaded the recovery, more than doubling its crude exports from 2.45 million bpd in August to roughly 5.4 million bpd in September after bringing back online parts of the damaged East-West pipeline.

Commodity analysts at Standard Chartered have hiked their oil price forecasts amid stalled diplomacy efforts and regional escalation beyond Iran and Hormuz.