Oil gains as traders weigh Gulf tensions against strong Mideast exports

Oil prices edged up on Tuesday, according to The Express Tribune, with Brent crude futures higher by 27 cents, or 0.3%, at $100.59 a barrel. US West Texas Intermediate rose 30 cents to $89.73 a barrel. Traders kept a risk premium linked to Middle East security worries in place, despite steady regional shipments.

Shipping figures cited by Phillip Nova's Priyanka Sachdeva showed regional exports topping pre-war levels on several days in late September, though she argued a full recovery in supply was not yet justified. Renewed tanker attacks close to the Strait of Hormuz have picked up in recent days, keeping shipping costs, insurance and security risks high. Gulf oil flows excluding Iran reached over 81% of their pre-war levels in September, driven mainly by Saudi exports, while Iranian shipments dropped to zero under a US blockade.

G7 members agreed on Friday to draw down 100 million barrels, split between diesel and crude, from emergency stocks, and pledged to avoid energy export curbs, following urging from US President Donald Trump. Hostilities in Yemen involving Saudi Arabia and the Iran-backed Houthis, together with stalled US-Iran talks, kept supply worries alive. Analyst Vivek Dhar of Commonwealth Bank of Australia said low inventories and record Gulf-to-Asia shipping rates are making traders hesitant to believe lower prices will last.