Oil Prices Hold Steady Amid US-Iran Talks and Supply Outlook

Oil prices remain steady in early Asia trade on Thursday as investors weigh the impact of US-Iran peace talks and supply outlook. Brent crude futures rose by $0.12 or 0.1%, to $98.15 a barrel, while US West Texas Intermediate crude was at $90.35 a barrel, down $0.07 or 0.1%.

Both benchmarks experienced significant gains in September, with Brent rising around 14% and WTI increasing by about 5%. However, analysts point out that selling pressure prevails as West Asian oil exports show signs of recovery.

Toshitaka Tazawa, an analyst at Fujitomi Securities, notes that a new catalyst is needed for WTI to break below the immediate support level of $88 a barrel. He cites Saudi Arabia's resumption of exports from its Red Sea port of Yanbu as a key factor in the recent increase in oil exports.

Goldman Sachs estimates Gulf oil exports have recovered to 23.3 million barrels per day, surpassing their 2025 average. OPEC+ oil-producing countries are also expected to maintain their production targets for November, according to two people with knowledge of the matter.