Oil Prices Slip as Gulf Exports Recover and US Inventories Rise
Oil prices fell by 1% on Thursday as crude exports from the Gulf region recovered and US inventories rose. Brent crude futures dropped to $96.92 a barrel, while West Texas Intermediate crude declined to $89.18 a barrel.
The decline was attributed to recovering shipments from the Gulf region, including Saudi Arabia's resumed oil tanker loadings from Yanbu after restarting operations on its East-West Pipeline. US crude inventories also rose by 922,000 barrels to 427.3 million barrels in the week ended September 25, surpassing expectations.
The geopolitical risk premium may be reduced due to renewed US-Iran diplomatic engagement, but a breakthrough remains uncertain. Goldman Sachs estimates that Gulf oil exports have recovered to 23.3 million barrels per day over the last week, in line with their 2025 average.