Middle East oil exports hit 7-month high as Brent holds near $107

Oil prices rose Tuesday with Brent near $107 per barrel and WTI around $94, even as Middle East crude exports hit their highest level since February, reaching about 12.8 million barrels per day in September. The export recovery, driven by increased shipments from Saudi Arabia and the UAE, remains roughly 6 million barrels per day below February's 18.8 million, as US-Iran tensions continue disrupting shipping, insurance, and routes through the Persian Gulf. Saudi Arabia has led the rebound, restarting exports via the repaired East-West pipeline to Yanbu, though capacity remains below normal and costly detours like ship-to-ship transfers persist, keeping a geopolitical risk premium in Brent prices.