Oil prices slip as Gulf exports recover, easing supply concerns

Oil prices fell Wednesday as Persian Gulf crude exports showed signs of recovery, easing supply concerns, though regional risks persist. Brent futures dropped 0.9% to $95.31 a barrel, while West Texas Intermediate fell 0.6% to $86.76. Goldman Sachs estimated Gulf exports recovered to 23.3 million barrels a day in the week through Sept. 29, near their 2025 average, supported by increased flows through the Strait of Hormuz. Saudi crude exports hit 5.8 million barrels a day in September, the highest since February, with Red Sea port loadings resuming. However, Houthi attacks in the Red Sea have intensified, with the group asserting control over the Bab al-Mandeb Strait. Separately, the U.S. Energy Department sought bids to exchange up to 40 million barrels from its Strategic Petroleum Reserve as part of a coordinated international release.