Oil Prices Steady Amid US-Iran Peace Talks and Middle East Export Recovery

Oil prices remained stable in early Asia trade on Thursday as investors assessed the outcome of US-Iran peace talks and Middle East crude exports. The WTI futures rose 12 cents, or 0.1%, to $98.15 a barrel by 0045 GMT, while the Brent benchmark was at $90.35 a barrel, down 7 cents, or 0.1%. The previous day's gains and steep monthly rises had pushed oil prices higher.

Toshitaka Tazawa, an analyst at Fujitomi Securities, said that buying continued amid supply concerns as peace talks stalled, but selling pressure also prevailed due to signs of recovery in Middle Eastern oil exports. Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on its East-West Pipeline.

The resumption of Gulf oil exports has been a key factor in the recent price increases. Goldman Sachs estimates that Gulf oil exports, including 'dark exports' involving ships operating with their location transponders turned off, have recovered to 23.3 million barrels per day over the last week, in line with their 2025 average.

OPEC+ oil-producing countries are likely to keep their oil production targets steady for November when they meet on Sunday, according to two people with knowledge of the matter. US crude inventories rose by 922,000 barrels to 427.3 million barrels in the week ended September 25, compared with analysts' expectations for a 264,000-barrel draw.