Oil Prices Ease to $102 as Diplomatic Signals and Export Rerouting Boost Confidence

Oil prices have eased to $102 per barrel as Saudi export rerouting has reduced fears of supply disruptions.

The Brent November contract traded at $101.75 per barrel, down $2.12 or 2%, while the October WTI contract fell $1.96 or 2% to $98.34 per barrel.

Market participants are weighing diplomatic signals surrounding the US-Iran war and monitoring Saudi Arabia's export patterns.

Satellite data cited by JPMorgan showed Saudi crude flows through the Strait of Hormuz averaging 2.9 million bpd over the past six days, compared with 700,000 bpd in August.