Oil prices steady after 2% drop as supply risks ease

• Oil prices stabilized after falling more than 2% on Tuesday as Saudi Arabia resumed crude loadings through the Yanbu port.
• Brent crude futures rose 0.1% to $102.68 per barrel, while WTI crude futures fell 0.2% to $89.24 per barrel.
• Market attention remains focused on Strait of Hormuz disruptions and diplomatic efforts affecting Middle East oil flows.

Oil prices were largely steady on Wednesday after a sharp decline in the previous session, as recovering Middle East exports reduced some supply concerns linked to disruptions through the Strait of Hormuz.

Brent crude futures for November delivery rose 0.1% to $102.68 per barrel, while West Texas Intermediate (WTI) crude futures fell 0.2% to $89.24 per barrel after both benchmarks dropped more than 2% on Tuesday.

Saudi Arabia resumed crude loadings at its Red Sea port of Yanbu after restoring operations through its East-West Pipeline, providing an alternative export route that avoids the Strait of Hormuz, according to shipping data and market reports.

The East-West Pipeline was restored to at least 3.5 million barrels per day, around half of its capacity, while shipping data showed nearly 10 million barrels of crude loaded at Yanbu and nearby Al Muajjiz, and Saudi Aramco notified customers of its October loading schedule.

Following the latest trading session, Brent crude was on track for a monthly gain of about 14%, while WTI remained affected by ongoing uncertainty around Middle East supply disruptions and potential changes in energy policy.

The Strait of Hormuz remains a key market focus because of disruptions linked to the U.S.-Israeli war with Iran, while Qatar-led discussions between Washington and Tehran have focused on possible steps to reopen the waterway.

Oil markets continue to track geopolitical developments, supply routes and fuel costs, with reports that U.S. President Donald Trump is considering measures including a possible diesel export ban as domestic diesel prices reached $6.53 per gallon, more than 70% above prewar levels.