Oil prices ease as Middle East exports recover towards pre-war levels
GLOBAL crude benchmarks declined following signs of recovering Middle East supply lines, as JPMorgan data indicated crude shipments through regional chokepoints have rebounded to 98 per cent of pre-war levels alongside a strengthening US dollar. Crud...
Crude oil prices eased to near $89 a barrel on Tuesday as Middle East exports recovered to 98% of pre-war levels, according to JPMorgan data. West Texas Intermediate traded around $89 per barrel and Brent crude settled near $100 per barrel. Middle East crude exports reached 17.5 million barrels per day, with refined product flows including diesel and gasoline recovering to 3 million barrels per day - 58% of pre-war volume.
Gulf oil producers face heightened maritime security risks while moving crude through the Strait of Hormuz. Iraq seeks more tanker chartering to maintain output, while Kuwait reported crude production at about 75% of pre-conflict levels. Saudi Aramco cut prices for Arab Light crude bound for Asian buyers in November. The US Dollar Index climbed to 102.5, its highest since April 2025, due to a weakening euro and fiscal instability in France.
Despite weaker economic indicators, the US Fed is seen with an 80% chance of holding interest rates unchanged. In forex, the USD/MYR pair adjusted to 4.0920.
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