Oil prices were broadly steady on Wednesday after suffering sharp losses in the previous session.
Signs of improving Middle East crude exports helped ease some supply concerns, although disruptions around the Strait of Hormuz continued to keep energy markets cautious.
Brent crude futures for November delivery edged 0.1% higher to $102.68 per barrel, while West Texas Intermediate crude fell 0.2% to $89.24 per barrel.
Oil Prices Recover After Sharp Selloff
Both major oil benchmarks dropped heavily on Tuesday.
Brent crude settled 2.6% lower, while WTI declined 3.5%.
Despite the latest pullback, Brent remains on track for a monthly increase of roughly 14%, highlighting how strongly oil prices have risen during the broader period.
Saudi Arabia Restores Red Sea Oil Exports
One of the main factors weighing on crude prices was the recovery of Saudi Arabian exports through the Red Sea.
Saudi Arabia resumed crude loadings at the port of Yanbu after restarting flows through its East-West Pipeline.
The route allows Saudi crude to bypass the Strait of Hormuz, helping reduce the immediate risk of supply disruptions.
Saudi Aramco has also informed customers about its October loading schedule.
Shipping data indicated that nearly 10 million barrels of crude were being loaded at Yanbu and nearby Al Muajjiz.
East-West Pipeline Flows Increase
Saudi Arabia restored flows through the East-West Pipeline to at least 3.5 million barrels per day, according to reports.
That represents roughly half of the pipeline’s total capacity.
The return of these flows has helped ease concerns that Middle East supply could face even more severe disruptions.
However, uncertainty surrounding the Strait of Hormuz remains a major factor for global oil markets.
Strait of Hormuz Remains Key Risk
Shipping through the Strait of Hormuz has faced significant disruption amid the ongoing Middle East conflict.
Diplomatic efforts aimed at reopening the waterway have so far failed to produce a major breakthrough.
The Strait is one of the world’s most important energy shipping routes, meaning any prolonged disruption could continue to influence crude prices and global fuel markets.
Qatar Mediates Between US and Iran
Qatar has been involved in negotiations between Washington and Tehran.
Discussions have reportedly focused on a potential agreement that could involve reopening the Strait of Hormuz and reducing some US pressure on Iran.
However, major disagreements remain.
US President Donald Trump rejected reports that Washington had offered sanctions relief to Tehran, while Iran has continued to seek conditions linked to the reopening of the waterway.
US Fuel Prices Add Political Pressure
High domestic fuel prices are also becoming an increasingly important issue in the United States.
According to a Financial Times report, the Trump administration is considering several measures aimed at limiting rising fuel costs.
One possible option under discussion is a restriction on diesel exports.
US diesel prices recently reached around $6.53 per gallon, more than 70% above prewar levels.
The sharp rise in fuel costs has added political pressure as the broader energy crisis continues.
Overall, oil prices remain caught between improving Middle East supply conditions and continued geopolitical risks surrounding the Strait of Hormuz. While short-term pressure has pushed crude lower, Brent is still heading for a strong monthly gain.
