Oil prices rose by about $1 at Wednesday’s settlement, with November Brent crude futures gaining 91 cents, or 0.9%, to 103.50 dollars per barrel, while U.S. West Texas Intermediate crude rose $1.04, or 1.2%, to 90.42 dollars per barrel, amid deadlocked U.S.-Iran talks and tight supply in the U.S. fuel market.
Monthly gains for Brent and West Texas crude
The more actively traded December Brent contract rose $1.86, or 1.9%, to 98.03 dollars, while the November contract expired on Wednesday.
Brent crude posted a monthly gain of about 14%, its biggest rise since July, while West Texas Intermediate crude rose nearly 5%.
Diplomatic moves and loading resumption at Yanbu
Qatar said on Tuesday that it hoped diplomatic mediation efforts between Iran and the United States would lead to a breakthrough, as U.S. President Donald Trump denied media reports citing unnamed U.S. officials as saying he was prepared to ease sanctions on Iran and release frozen funds in exchange for “concrete” steps by Tehran regarding its nuclear program.
Saudi Arabia resumed loading oil tankers at the Red Sea port of Yanbu on Tuesday after restarting the East-West pipeline.
Estimates for Gulf oil exports
Goldman Sachs estimated in a note issued on Tuesday that Gulf oil exports had recovered to 23.3 million barrels per day last week, a level in line with the 2025 average, after exports doubled in September.
JPMorgan said the 10-day average of total oil exports held at 20.5 million barrels per day over the past five days, equivalent to 89% of 2025 levels.
