Oil steadies as stalled US-Iran talks offset supply recovery
USO•Oil prices steadied, with Brent on track for a roughly 13% monthly gain, its biggest since July, as stalled US-Iran talks offset recovering Middle East crude supplies. Goldman Sachs estimated Gulf exports recovered to 23.3 million barrels per day over the past week.
1. Prices and monthly gains
Brent’s November contract was down 16 cents, or 0.2%, at $102.43 a barrel, while the more active December contract fell 18 cents to $95.98. US West Texas Intermediate rose 2 cents to $89.40. Brent was headed for a monthly gain of around 13%, while WTI was on track for a 4% rise.
2. Supply recovers
Saudi Arabia resumed oil tanker loadings from Yanbu after restarting operations on its East-West Pipeline. Goldman Sachs estimated Gulf oil exports recovered to 23.3 million barrels per day over the past week, in line with their 2025 average, after doubling in September. JPMorgan estimated the 10-day average for total oil exports held at 20.5 million barrels per day over the past five days, or 89% of 2025 levels.
3. Fuel market pressures
The spread between Brent and WTI widened to its highest in four months as traders monitored potential US restrictions on diesel exports. The White House urged the European Union to draw down emergency diesel inventories, two sources said. MUFG analysts said recovering crude flows should temper supply-driven price pressures, while product shortages and elevated freight costs were likely to keep the broader energy market tight.
