Middle Eastern Oil Flows Near Pre-War Levels

Oil prices edged lower on Thursday as Middle Eastern shipments returned to pre-war levels.

Brent for December settlement fell by 1.1% to $96.95 a barrel at 12:09 p.m. in Singapore, while West Texas Intermediate (WTI) dropped by 1.3% to $89.25 a barrel.

The increase in oil flows from the region is attributed to reports of escorted transits and alternative routes, despite ongoing tensions between Iran and Saudi Arabia.

Goldman Sachs estimates that approximately 23 million barrels per day of oil left the Middle East last week, both through Hormuz and other export routes like the Red Sea. This figure aligns with last year's average.