Oil Prices Slide on Improved Middle East Crude Flows

Oil prices fell on Tuesday due to increased flows of Saudi crude through the Strait of Hormuz, where about one-fifth of global supply moved before the US-Israeli war on Iran began in late February. Brent crude futures for the November contract settled at $99.25 a barrel, down $1.09 or 1.09 per cent.

The restart of the East-West pipeline and ship movements through the Strait of Hormuz were seen as contributing factors to the decline in oil prices. Phil Flynn, senior analyst at Price Futures Group, said 'Saudi Arabia is acting, not waiting.'

Saudi Arabia had restarted operations at its East-West Pipeline and could resume exports from Yanbu port later on Tuesday, according to three sources briefed on the matter.