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Oil Steadies Near $97 as Saudi Pipeline Exports Resume
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 flows | 17.5M bpd98% of pre-war |
| Mideast fuel shipments | 3M bpd58% of pre-war |
| Saudi East-West pipeline | 3.5M+ 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
- MarketneutralMedium impact
- Oil traders weigh recovering supply against stalled Iran talks.
- CompanybullishMedium impact
- Saudi Arabia and Aramco regain export income as loadings resume.
- CompetitorsneutralLow impact
- US and other non-Gulf producers still see prices above pre-war.
- IndustrybearishMedium 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
Brent front-month trades near $106 during the recent peak.
Saudi East-West pipeline starts exports after repairs; Brent jumps above $107 as Trump rejects Iran's Hormuz plan.
JPMorgan says Mideast crude flows hit 17.5M bpd, 98% of pre-war levels.
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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