Oil Prices Fall 2.5% as Middle East Exports Recover

Oil prices settled down 2.5% on Tuesday as investors focused on recovering crude exports from the Middle East, although prices were headed for monthly gains due to lingering supply disruptions.

Brent crude futures closed at $102.59 a barrel, while US West Texas Intermediate crude settled at $89.38 a barrel, following data showing that crude oil exports from Middle East producers have rebounded in September to 16.328 million barrels per day, the highest since late February.

Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline, trade sources and shipping data showed.

US President Donald Trump said he has offered Iran nothing to end the war, rejecting media reports that cited US officials saying he was willing to ease sanctions and release frozen funds for 'concrete' steps regarding Iran's nuclear program.