Oil Steadies After Four-Day Drop as Traders Track Hormuz Flows
This digest was compiled by AI from multiple sources — links to the originals are below.
Oil steadied after a four-day slump, with West Texas Intermediate holding above $95 a barrel and Brent settling near $100. Traders tracked diplomatic efforts to end the US-Iran war and satellite data showing Saudi Arabia shifted exports back toward the Strait of Hormuz. The market's pause came even as Libya's largest oil field slumped by more than half after an armed group shut a key pipeline.
Key Facts
- West Texas Intermediate held above $95 a barrel after losing more than 9% over the four prior sessions.
- Brent crude traded at $101.69 per barrel, while West Texas Intermediate was at $93.38 per barrel at the time of writing.
- Satellite data showed Saudi Arabia's observed loadings from inside the Persian Gulf jumped over the weekend, suggesting a shift back toward the Strait of Hormuz.
- Speculative market players increased their long positions on Brent by 16,904 contracts in the week to September 15, reaching 282,657, the highest since May.
- Libya's Sharara field is pumping about 127,000 barrels a day after a pipeline to the Zawiya export terminal was shut by an armed group.
Price Action
West Texas Intermediate held above $95 a barrel after losing more than 9% over the four prior sessions. Brent settled near $100, according to Bloomberg data. OilPrice reported Brent crude trading at $101.69 per barrel and West Texas Intermediate at $93.38 per barrel at the time of writing. KCM Trade chief market analyst Tim Waterer described the move as a typical short-covering bounce rather than a fundamental shift.
Supply and Diplomacy
Satellite data showed Saudi Arabia's observed loadings from inside the Persian Gulf jumped over the weekend, suggesting the kingdom has shifted exports back toward the Strait of Hormuz following the shutdown of a key cross-country pipeline. President Donald Trump is set to address the United Nations General Assembly in New York later on Tuesday. The US leader has indicated openness to meeting Iranian counterpart Masoud Pezeshkian on the sidelines of the gathering. US Ambassador to the UN Michael Waltz told Fox News that Trump remained open to dialogue.
Other Supply Disruptions
Moscow is set to extend a ban on most diesel exports beyond the end of September as Kyiv continues to attack its refineries. In Libya, output at the country's largest oil field has slumped by more than half after a pipeline running to the Zawiya export terminal was shut by an armed group. The Sharara field is currently pumping about 127,000 barrels a day, people with knowledge of the matter said.
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