WTI Oil Price Stabilizes Above $91.00 Amid Ongoing Middle East Tensions

The price of US WTI oil has stabilized above $91.00 after reversing from Thursday's highs near $96.00, according to recent market developments.

Ongoing hopes for a negotiated end to the war between the US and Iran, along with news that Saudi Arabia has boosted exports through the Strait of Hormuz, have contributed to the price stabilization.

However, concerns about potential attacks on oil fields remain high, particularly after Saudi authorities reported intercepting a new wave of missiles launched by the Houthis from Yemen.

A report by Bloomberg revealed that Saudi oil exports surged to a wartime peak of over 5 million barrels per day in September, up from 3.4 million barrels in August and 4.5 million in July.