The price of Brent crude oil fell to $96 on Wednesday, and this trend continued into this morning, after experiencing a significant increase in September. This price drop is related to reports from financial institutions such as JP Morgan and Goldman Sachs regarding the return of oil flow from the Persian Gulf to pre-war levels.
Oil Market Status
At the time of writing this news, the price of Brent oil has reached $97.36, down from over $103 yesterday. Additionally, West Texas Intermediate oil is trading at $89.57, down from $90 yesterday.
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Oil Exports from the Strait of Hormuz
Earlier this week, Kpler reported that oil exports from the Strait of Hormuz have returned to nearly 80% of pre-war levels, while JP Morgan estimates that these exports have reached 98%. Goldman Sachs has also claimed that oil flow from the Middle East has reached 23.3 million barrels per day, which is equal to the projected average for 2025.
Meanwhile, Goldman Sachs stated that Saudi Arabia has exported more in September this year compared to September last year. Commodity analysts at this bank have pointed to the difference between the decrease in Iranian exports and the increase in exports from other Gulf producers.
Despite reports of Iranian attacks on tankers in the Strait of Hormuz that were not covered by major media, this news did not affect prices. These attacks were initially reported by UK Maritime Trade Operations. It seems that despite the improvement in oil flow from the Persian Gulf, security in this region remains a concerning issue.
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