Oil Prices Steady as Traders Weigh US-Iran Talks and Middle East Supply
Oil prices remained relatively steady at the start of trading in Asia on October 1 as investors assessed the prospects for peace talks between the United States and Iran. The price stability follows a strong September rally, which saw Brent crude futures rise by around 14% and WTI add about 5%. Analysts point to two opposing forces: concerns about oil supplies amid delays in peace talks, and signs that exports from the region are resuming.
One factor supporting prices is Saudi Arabia's restart of shipments from the Red Sea port of Yanbu. Goldman Sachs estimates that oil exports from Persian Gulf countries reached 23.3 million barrels per day over the past week, matching the average level for 2025. Exports doubled in September, but the market is now weighing risks related to US-Iran talks against rising supplies.
Two people familiar with the matter expect OPEC+ countries to keep November production targets unchanged at their meeting on Sunday. Meanwhile, U.S. crude oil inventories rose by 922,000 barrels to 427.3 million barrels in the week ending September 25, according to the US Energy Information Administration.