Oil Prices Surge on Recovering Middle East Flows Amid U.S.-Iran Policy Uncertainty

Oil prices are rising as traders weigh recovering Middle East crude flows against renewed uncertainty over U.S. policy toward Iran.

Brent crude futures rose $1.14, or 1.11%, to $103.73 a barrel, with Brent set for a 14% monthly gain and WTI for a 4% rise.

The spread between Brent and WTI widens to a four-month high as traders evaluate potential U.S. diesel export limits and red-dyed diesel sales.

Saudi Arabia resumes oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline, with Middle East crude exports rebounding in September to 16.328 million barrels per day, their highest level since late February.