Commodities
WTI Oil Price Stabilizes Above $91.00 Amid Ongoing Tensions
The price of WTI oil has stabilized above $91.00 after retreating from weekly highs near $96.00, according to Mitrade.
The reversal in prices was influenced by news that Gulf countries have increased oil exports in September, which contributed to lower prices.
However, Middle East tensions remain high due to the ongoing conflict, with recent attacks by the Iran-backed Houthis from Yemen keeping crude prices supported.
A report by Bloomberg revealed that Saudi Arabia's oil exports through the Strait of Hormuz 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.