Ships near the Strait of Hormuz seen from Musandam, Oman, on August 31, 2026.
Stringer | Reuters
Oil fell on Thursday as a rebound in Middle East oil exports helped offset concerns over stalled U.S.-Iran talks.
Brent crude oil futures (for December delivery), the international benchmark, fell 1.09% to $96.96 per barrel. US West Texas Intermediate futures for November fell 1.32% to $89.24 per barrel.
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UOB said in a note on Thursday that crude oil inflows from the Middle East are reportedly approaching pre-war levels, but supplies of fuel, particularly gasoline, are being delayed.
Concerns about oil supply disruptions eased after Saudi Arabia resumed operations on its east-west pipeline and the loading of oil tankers from the Red Sea port of Yanbu resumed.
“The pipeline has done much of the heavy lifting of getting crude oil out of the Gulf,” Trade Nation senior market analyst David Morrison said Wednesday, given Iran’s blockade of the Strait of Hormuz.
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“Analysts say the pipeline is far from full capacity, but the fact that it is operational provides some comfort and is helping to drive oil prices down,” Prime Minister Scott Morrison added.
Traders continue to closely monitor developments in the Middle East as US Secretary of State Marco Rubio orders the Iranian delegation to the US to leave at the end of the UN General Assembly, raising concerns that a permanent solution to the Iranian conflict will be delayed, according to MS Now.
U.S. and Iranian officials reportedly held separate indirect discussions with mediators on Monday while visiting New York for the United Nations General Assembly.
