Brent Crude Falls Below $100 as Persian Gulf Oil Flows Recover Toward Pre-War Levels

Brent crude traded at $97.36 a barrel, down from over $103 a day earlier, after reports indicated oil flows out of the Persian Gulf have nearly returned to pre-war levels. West Texas Intermediate fell to $89.57 from above $90. Goldman Sachs estimated Middle East oil flows at 23.3 million barrels daily, matching the 2025 average, and said Saudi Arabia exported more oil in September than a year earlier. JPMorgan put exports through the Strait of Hormuz at as high as 98% of pre-war levels, while Kpler reported roughly 80%. Goldman noted a divergence between falling Iranian exports and rising shipments from other Gulf producers, saying Saudi estimated exports more than doubled in September. Iranian attacks on tankers in Hormuz, reported by UK Maritime Trade Operations and Lloyd's List but not major corporate media, failed to move prices. Shipping and insurance sources indicated the region remains unsafe, sustaining higher transport costs even as volumes recover.