Oil Prices Hold Steady Amid Ongoing Middle East Supply Concerns

Oil prices held steady on October 1, as investors weighed the recovery of West Asian crude supply against ongoing concerns over the region.

The Brent crude price was trading near $98 a barrel after reaching an intraday high of $104 on Wednesday.

West Texas Intermediate (WTI) for November delivery fell 0.4% to $90.07 a barrel, following a 1.2% gain in the previous session.

Analysts and traders noted that crude flows from West Asia were nearing pre-war levels, but fuel supplies had recovered at a slower pace.

A Saudi Arabian official confirmed on Tuesday that oil tanker loadings from Yanbu resumed after the East-West Pipeline was restarted.

The situation remains uncertain due to ongoing peace deal talks between Tehran and Washington, with Iranian officials stating that they received an official response to their latest proposal on Wednesday.