Oil falls amid increased Middle East supplies

Oil prices declined as crude flows from the Middle East improved, especially after the resumption of operations on Saudi Arabia's East-West pipeline and increased shipments through the Strait of Hormuz. The reopening of the pipeline, which had been previously disabled by attacks, led to a re-routing of some Saudi production and alleviated fears of a global supply shortage. Data also showed an increase in oil exports through Hormuz to an average of about 2.9 million barrels per day in recent days, compared to 700,000 barrels in August, although the movement remains below pre-conflict levels. In the market, Brent contracts closed at $99.25 per barrel, but US statements indicating no quick agreement with Iran reduced expectations of de-escalation, amid concerns that the conflict could continue and potentially escalate—especially with ongoing attacks on Saudi oil facilities and holidays in the Strait of Hormuz.

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