Oil dips as recovering Gulf exports ease supply fears, US-Iran diplomacy in focus
USO•Oil prices fell about 1% as recovering Gulf exports and a surprise rise in US crude inventories eased supply concerns, while investors watched US-Iran diplomacy. Brent fell 1.1% to $96.92 a barrel and WTI dropped 1.4% to $89.18.
1. Prices and supply concerns
Brent crude futures fell 1.1% to $96.92 a barrel and US West Texas Intermediate crude dropped 1.4% to $89.18. A research firm founder said recovering Gulf shipments, resumed Saudi exports through Yanbu and rising US inventories were easing supply concerns.
2. US inventories rise
US crude inventories increased by 922,000 barrels to 427.3 million barrels in the week ended September 25, the Energy Information Administration said. A Reuters poll had expected a 264,000-barrel draw.
3. Diplomacy and exports
Iran said it had received a US response to its latest proposal to revive the collapsed Gulf ceasefire. A research firm founder said renewed US-Iran diplomacy could reduce geopolitical risk, though a breakthrough remained uncertain. Goldman Sachs estimated Gulf oil exports had recovered to 23.3 million barrels per day over the last week, in line with their 2025 average.
