West Asia Supply Recovery Pushes Oil Prices Down

Oil prices declined on Thursday morning as signs of improving supplies from West Asia eased concerns over disruptions to global energy markets.

Brent Crude fell by over 1% to $96.94 a barrel, while West Texas Intermediate (WTI) crude dropped 1.38% to $89.17 a barrel.

The recovery in West Asian supplies is significant, with market reports indicating that crude supplies from the region rose to 16.328 million barrels per day in September, the highest level since February's conflict began.

Saudi Arabia has resumed crude loadings from the Red Sea port of Yanbu, and Iran has received a response from the US regarding Tehran's proposal to reopen the Strait of Hormuz.