Oil Prices Slide as Middle Eastern Exports Rebound

Oil prices settled down by 2.5% on Tuesday as signs of recovering crude exports from the Middle East gave investors cause for concern.

Brent crude futures closed at $102.59 a barrel, down $2.69 or 2.6%, while US West Texas Intermediate crude settled at $89.38, down $3.22 or 3.5%.

The decline was attributed to the resumption of oil tanker loadings from Saudi Arabia's Red Sea port of Yanbu after restarting operations on the East-West Pipeline.

This increase in exports has led to a reduction in Iran's bargaining power, as Middle Eastern producers have rebounded to 16.328 million barrels per day in September, the highest since late February, according to Kpler data.