Oil Prices Steady Amid Ongoing Middle East Supply Disruptions
Oil prices remained steady on Tuesday as investors focused on lingering concerns over Middle East supply disruptions caused by the US-Israeli war on Iran. Brent crude futures for November held at $105.04 a barrel, down 24 cents from Monday's close.
The price stabilization comes as crude exports from major Middle Eastern producers rose to 12.8 million barrels per day in September, the highest since February, according to preliminary figures from data provider Kpler. This increase is attributed to increased shipments from Saudi Arabia and the United Arab Emirates.
However, analysts caution that these workarounds are less efficient and more costly than normal operations, which is why crude prices remain elevated. 'A clearer picture is emerging of higher oil export volumes leaving the Gulf,' said Tim Waterer, chief analyst at KCM Trade.