New book explores the making of the modern Middle East

Oil prices experienced a 2.5% decrease on Tuesday, driven by positive signs of recovering crude exports from the Middle East, despite ongoing concerns about supply disruptions during the US-Israeli conflict with Iran. Brent crude futures closed at $102.59 per barrel, marking a 2.6% decline, while US West Texas Intermediate (WTI) crude settled at $89.38, falling 3.5%.

Brent was on track for a monthly gain of approximately 13%, with WTI expected to gain around 4%. The Saudi Arabia East/West pipeline flows increased, lifting crude futures in the early trade, as US/Iran negotiations continued. Saudi Arabia restarted oil tanker loadings from the Red Sea port of Yanbu after restoring operations on the East-West Pipeline, boosting the outlook for Middle East oil exports.

Crude oil exports from Middle East producers surged to 16.328 million barrels per day in September, the highest since the US-Israeli war on Iran began in late February, according to Kpler data. US President Donald Trump pledged no concessions to Iran to end the conflict, dismissing reports suggesting he would ease sanctions and release frozen funds for tangible steps on Iran's nuclear program.

Diesel futures in Europe declined, while those in the US rose 2.6%. The White House called on the EU to reduce diesel emergency stocks to alleviate global price pressures, but EU countries had not released as much oil and refined products from reserves as promised, according to the Trump administration. Trump is exploring regulatory relief to enable broader sales of red-dyed diesel to curb soaring prices, potentially allowing buyers to bypass the federal fuel tax.

The proposal was seen as an alternative to a diesel export ban. US crude oil and gasoline inventories were projected to have decreased the previous week, while distillate stockpiles remained unchanged, according to a preliminary Reuters poll.