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Oil Prices Stabilize Amid Middle East Export Recovery

Guavy AI Editorial Team
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Oil
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Oil prices steadied on Tuesday as investors focused on recovering crude exports from the Middle East region, despite lingering concerns over supply disruptions.

Brent crude futures declined by 54 cents to $104.74 a barrel, while US West Texas Intermediate crude was down 77 cents at $91.83.

The prices are headed for monthly gains of around 16% and 7%, respectively, as Saudi Arabia has resumed oil loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline.

Crude exports from major Middle Eastern producers climbed to 12.8 million barrels a day in September, the highest since February, preliminary figures showed.

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