WTI falls to near $91.00 as Middle East crude exports rebound
West Texas Intermediate (WTI) oil has pared its recent gains from the previous day, trading around $91.10 per barrel during European hours on Tuesday. Crude oil prices have eased following a September rebound in exports from key Middle East producers.
West Texas Intermediate (WTI) oil prices have dropped to near $91.00 per barrel due to a surge in Middle East crude exports. This increase in supply comes from Saudi Arabia and the United Arab Emirates, as reported by Kpler data cited by Reuters. The shipments from the region reached 16.328 million barrels per day, the highest since Iran's conflict with the US-Israeli alliance began in late February.
Despite the recent price decline, oil prices may rise again due to ongoing uncertainty around US-Iran negotiations. Iranian officials have expressed doubts about resolving tensions or reopening the Strait of Hormuz before the US midterm elections in November, maintaining elevated geopolitical risks in the region. Diplomatic efforts continue, with Iranian Foreign Minister Abbas Araqchi stating that Tehran anticipates a US response to its latest proposal concerning the Strait of Hormuz.
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