Oil Prices Slide as Middle East Exports Recover

Oil prices fell by 2% on Tuesday as crude exports from Middle Eastern producers recovered to 16.3 million barrels per day, their highest level since the US-Israeli war on Iran began seven months ago.

Data from Kpler showed that Saudi's East/West pipeline flows had increased, while the White House dismissed reports of a potential deal between the US and Iran, with President Donald Trump stating that he had offered nothing to end the war.

The US is set to offer up to 40 million barrels of oil from its Strategic Petroleum Reserve, which could help alleviate supply concerns, but several European countries have yet to meet their commitments under a global deal.

India's Oil India Limited plans to boost exploration in light of Strait of Hormuz slowdowns, which have had an immediate impact on energy flows, prices, and economies worldwide, according to Abhijit Majumder, the company's director of finance.