Oil Prices Slip Further as Persian Gulf Exports Recover

Oil prices fell further on Wednesday as signs of recovery in Persian Gulf crude exports eased supply concerns, but risks to regional energy infrastructure and shipping persist.

The Brent crude futures contract declined by 0.9% to $95.31 a barrel, while West Texas Intermediate (WTI) futures dropped 0.6% to $86.76 a barrel.

Goldman Sachs analysts said in a note that Persian Gulf oil exports likely recovered to 23.3 million barrels per day through September 29, roughly in line with their 2025 average.

The recovery is attributed to increased exports through the Strait of Hormuz, including ship-to-ship transfers, despite disruptions to Saudi Arabia's East-West pipeline.

However, Goldman noted that crude prices remain elevated due to ongoing risks, including potential escalations and record-low global oil inventories.