Crude benchmarks retreated on Thursday as recovering Persian Gulf exports and a surprise rise in American stockpiles eased acute supply concerns across global energy markets.
Brent crude futures fell 1.1% to $96.92 a barrel. Meanwhile, US West Texas Intermediate dropped 1.4% to $89.18.
This downward shift follows a stellar September. Brent notched its largest monthly gain since July, surging roughly 14% amid persistent geopolitical friction and severe Middle East crisis.
Traders are now weighing renewed diplomatic efforts between Washington and Tehran. Markets are assessing whether direct talks could eventually ease long-standing regional conflicts and sanctions.
Supply-side pressures eased as Saudi Arabia resumed regular crude shipments through the Yanbu pipeline. Gulf export terminals report smoother operations following earlier temporary logistical bottlenecks.
Simultaneously, official data revealed an unexpected build in US crude inventories. The stockpile increase tempered immediate demand-side panic among commodity traders worldwide.
Attention shifts toward the upcoming OPEC+ ministerial gathering. Delegates are widely expected to maintain existing production quotas for November steady.
