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Oil prices declined by about 1% today due to the recovery of Gulf exports and increasing U.S. inventories, which reduced concerns over oil supply. Brent crude fell by 1.1% to approximately $97.16 per barrel, while West Texas Intermediate dropped by 1.4% to $89.18, after posting monthly gains of 14% and 5%, respectively, in September. This reflects a balance between rising Gulf exports, increased U.S. inventories, and negotiation efforts between Washington and Tehran to de-escalate tensions in the region, with ongoing vigilance over the short-term outlook for oil supplies.
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