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Large white crude oil storage tanks at dusk
Photo: Bloomberg via Energy Connects

Oil Steadies Near $97 as Saudi Pipeline Exports Resume

Reuters via Zawya2 min read6 sources

Why are oil prices steady today?

Oil (Brent, BZ=F) held near $97 a barrel on Wednesday, little changed on the day, as Saudi pipeline exports resumed and Mideast crude flows reached 98% of pre-war levels, offsetting stalled Iran talks.

Key numbers

Brent, December contract~$97Nov contract ~$102-103; Reuters intraday range $96-99
WTI (US crude)~$90+5.5% in September
Mideast crude flows17.5M bpd98% of pre-war
Mideast fuel shipments3M bpd58% of pre-war
Saudi East-West pipeline3.5M+ bpdabout half of capacity

What happened

Oil (Brent, BZ=F) held near $97 a barrel on Wednesday, little changed on the day, as Saudi pipeline exports resumed and Mideast crude flows reached 98% of pre-war levels, offsetting stalled Iran talks. Saudi Arabia restarted tanker loadings at its Red Sea port of Yanbu after its East-West pipeline, which avoids the narrow Strait of Hormuz waterway, came back into use. JPMorgan estimates Middle East crude shipments are back to 17.5 million barrels a day. Talks between the US and Iran to end the war remain stuck.

Why it matters

Oil, which sets the cost of petrol, diesel and flights, is still priced about a third above its pre-war level of roughly $72 a barrel. Crude shipments from the Middle East are back close to normal, but fuels like diesel are recovering more slowly, at 58% of pre-war shipments. That means pump prices can stay high even as crude supply improves.

Who this affects

Marketneutral
Medium impact
Oil traders weigh recovering supply against stalled Iran talks.
Companybullish
Medium impact
Saudi Arabia and Aramco regain export income as loadings resume.
Competitorsneutral
Low impact
US and other non-Gulf producers still see prices above pre-war.
Industrybearish
Medium impact
Drivers and airlines still face tight diesel and fuel supply.

Brent Crude vs WTI Crude

Brent Crude (Dec contract)BZ=F~$97$72.48~+14%
WTI CrudeCL=F~$90$67.02~+5.5%

As of 2026-09-30

How we got here

  1. Brent front-month trades near $106 during the recent peak.

  2. Saudi East-West pipeline starts exports after repairs; Brent jumps above $107 as Trump rejects Iran's Hormuz plan.

  3. JPMorgan says Mideast crude flows hit 17.5M bpd, 98% of pre-war levels.

  4. Saudi Arabia resumes Yanbu tanker loadings; Goldman puts Gulf exports at 23.3M bpd.

What to watch

  • Any US reply to Iran's proposal to reopen the Strait of Hormuz and restart talks.Q4 2026
  • Saudi East-West pipeline flows rising beyond 3.5M bpd, about half of capacity.Q4 2026
  • Weekly US oil stock data and release of up to 40M barrels from reserves.2026-10-07

Educational content only. Not investment advice.

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