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Commodities

Oil Prices Rise on Geopolitical Risk Despite Gulf Export Recovery

Guavy AI Editorial Team
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Oil
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Oil prices rose on Wednesday as stalled U.S.-Iran talks continued to keep geopolitical risk in the market, outweighing signs that crude exports from the Persian Gulf are recovering.

Brent crude's UKOIL expiring December contract gained 1.6% to $97.10, while U.S. West Texas Intermediate CL1! crude climbed 0.9% to $90.20 a barrel.

The recovery in Gulf oil exports has been slow, but Goldman Sachs estimated that Gulf oil exports reached 23.3 million barrels a day during the past week, roughly matching their 2025 average.

Saudi Arabia also resumed tanker loadings from the Red Sea port of Yanbu after restarting operations on its East-West Pipeline.

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