Oil Prices Drop Amid Signs of Recovering Middle East Exports

Oil prices fell by around 2% on Tuesday as signs of recovering Middle East crude exports eased some supply concerns.

Brent crude futures dropped $1.96, or 1.86%, to $103.32 a barrel, while US West Texas Intermediate (WTI) crude declined $1.95, or 2.11%, to $90.65 by 1306 GMT.

The decline came as Saudi Arabia and the United Arab Emirates contributed to an increase in Middle Eastern exports, which rose to 12.8 million barrels per day in September, their highest level since February, according to preliminary data from Kpler.

However, analysts said some of this recovery continues to depend on costly measures, such as ship-to-ship transfers, keeping crude prices elevated despite improving export volumes.