Market Intelligence
Crude Prices Fall as Persian Gulf Oil Shipments Recover
Benchmark crude prices dropped sharply after analysts reported that oil exports from the Persian Gulf had nearly returned to pre-war levels.
Crude benchmarks registered sharp declines following a period of strong gains across September. Brent crude dropped to 97.36 dollars per barrel from more than 103 dollars per barrel the previous day, while West Texas Intermediate declined to 89.57 dollars per barrel after holding above 90 dollars.
The downward price pressure followed assessments published by Goldman, JP Morgan, and maritime analytics firm Kpler. These reports indicated that seaborne oil flows originating from the Persian Gulf have virtually returned to volumes seen prior to the conflict.
The price drop comes after earlier weekly data from Kpler indicated regional export volumes were already approaching 80 percent of previous baselines.
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Brent Tumbles to $96 as Gulf Oil Flows Bounce BackGlobal Freight Briefing
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