Oil Wavers Below $98 as Supply Recovers
Crude oil prices wavered below $98 a barrel on Wednesday after briefly reaching $100 in a volatile session. Rising crude flows from the Middle East have begun to weigh on prices, with producers ramping up shuttle shipments through the Strait of Hormuz and ship-to-ship transfers in the Gulf of Oman. Tanker-tracking services indicate flows have surpassed pre-war levels. Saudi Arabia’s crude exports rose 7.9% in August to their highest level since March. Meanwhile, Russia is set to send its first diesel tanker to the US on Thursday under an agreement between Presidents Trump and Putin. US Secretary of State Marco Rubio also said Washington is looking to work with India’s Reliance Industries to refine Western energy supplies. However, tensions in the Middle East remain elevated, while record-high freight rates in the Persian Gulf continue to put upward pressure on oil prices.
Crude oil prices wavered below $98 a barrel on Wednesday after briefly reaching $100 in a volatile session. Rising crude flows from the Middle East have begun to weigh on prices, with producers ramping up shuttle shipments through the Strait of Hormuz and ship-to-ship transfers in the Gulf of Oman. Tanker-tracking services indicate flows have surpassed pre-war levels. Saudi Arabia’s crude exports rose 7.9% in August to their highest level since March.
Meanwhile, Russia is set to send its first diesel tanker to the US on Thursday under an agreement between Presidents Trump and Putin. US Secretary of State Marco Rubio also said Washington is looking to work with India’s Reliance Industries to refine Western energy supplies. However, tensions in the Middle East remain elevated, while record-high freight rates in the Persian Gulf continue to put upward pressure on oil prices.