Oil Prices Decline as Investors Weigh Middle East Supply Risks

Oil prices declined on Tuesday as investors focused on signs of recovering crude exports from the Middle East and lingering concerns over potential supply disruptions in the region stemming from the US-Israeli war on Iran.

Brent crude futures fell $1.96, or 1.86%, to $103.32 a barrel at 1306 GMT, while US West Texas Intermediate crude dropped $1.95, or 2.11%, to $90.65.

KCM Trade chief analyst Tim Waterer said that 'a clearer picture is emerging of higher oil export volumes leaving the Gulf,' but noted that these increases rely on workarounds like ship-to-ship transfers, which are less efficient and more costly than normal operations.