NEW DELHI/TOKYO: Oil prices held firm on Thursday as recovering Gulf crude exports and a surprise rise in U.S. inventories eased supply concerns, while investors assessed renewed U.S.-Iran diplomatic efforts to end the Middle East conflict.
Brent crude futures were up 0.6% at $98.67 a barrel by 0704 GMT, while U.S. West Texas Intermediate crude rose 0.5% to $90.09 a barrel.
Prices remained volatile during the session, with both benchmarks falling more than 1% before recovering.
Brent recorded a monthly gain of around 14% in September, its biggest since July, while WTI increased by about 5% during the month.
Saudi Arabia resumed oil tanker loadings from Yanbu, Reuters reported on Tuesday, after earlier restarting operations on its East-West Pipeline.
U.S. crude inventories rose by 922,000 barrels to 427.3 million barrels in the week ended September 25, the Energy Information Administration said, compared with expectations in a Reuters poll for a 264,000-barrel draw.
Iran said on Wednesday it had received a U.S. response to its latest proposal to revive the collapsed ceasefire in the Gulf
U.S. President Donald Trump denied reports by Axios and CNN that cited U.S. officials as saying he was willing to give Iran sanctions relief and release frozen Iranian funds in return for concrete steps by Tehran on its nuclear programme.
Goldman Sachs estimated that Gulf oil exports, including shipments involving vessels with their location transponders turned off, had recovered to 23.3 million barrels per day over the previous week, in line with their 2025 average. Exports doubled in September, the bank said in a note on Tuesday.
OPEC+ oil-producing countries are likely to keep their oil production targets steady for November when they meet on Sunday, according to two people familiar with the matter. - Reuters
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