Oil prices edged up as concerns over Middle East supply continued to outweigh the recovery in exports.

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智通财经2026/09/29 02:36

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On Tuesday, oil prices rose for the second consecutive trading day as market concerns about US-Iran tensions potentially disrupting Middle East supply outweighed signs of a recovery in crude oil exports from the region. Brent crude is currently up 0.7%, trading near $99.25 per barrel, while US crude is up 1.05%, trading near $93.57 per barrel.
Tim Waterer, Chief Analyst at KCM Trade, stated that the trend of increasing crude oil exports from the Gulf region is gradually becoming clearer, but this growth remains highly dependent on alternative methods such as ship-to-ship transfers. These operations are less efficient and more costly, so oil prices continue to stay at high levels.
Preliminary data released by Kpler on Monday showed that, driven by increased shipments from Saudi Arabia and the UAE, crude oil exports from major Middle Eastern producers rose to 12.8 million barrels per day in September, the highest since February. According to two officials from these countries, US and Iranian officials held separate meetings with mediators on Monday to revive efforts to end the seven-month-long war, with follow-up talks expected to focus on the revised seven-day proposal Iran presented at the UN General Assembly last week.
Waterer said the market always expects an agreement to be reached, which may be a primary reason why Brent crude struggles to stay above $110 per barrel in the short term. He added that there are currently opposing forces in the market, and traders are trying to discern market signals amidst the noise.
Two sources familiar with the discussions revealed that the White House is considering relaxing regulations to allow dyed diesel to be sold more broadly in order to curb soaring fuel prices. This move could enable some buyers to avoid paying the federal fuel tax. After several days of government discussion, expanding the sale of dyed diesel has become one of the main alternatives to a diesel export ban.

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Oil prices edged up as concerns over Middle East supply continued to outweigh the recovery in exports.

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