Oil dips as recovering Gulf exports ease supply fears
10/1/2026 7:51:57 AM
Oil prices fell 1% on Thursday as recovering crude exports from the Gulf and a surprise rise in US inventories eased supply concerns, while investors weighed renewed US-Iran diplomatic efforts to end their conflict in the Middle East.
Brent crude futures fell 1.1% to $96.92 a barrel at 07:20 am Beirut time, and US West Texas Intermediate crude dropped 1.4% to $89.18 a barrel.
Both benchmarks rose about $1 a barrel on Wednesday. Brent recorded a monthly gain of around 14% in September, its biggest since July, while WTI increased by about 5% on the month.
Brent crude futures fell 1.1% to $96.92 a barrel at 07:20 am Beirut time, and US West Texas Intermediate crude dropped 1.4% to $89.18 a barrel.
Both benchmarks rose about $1 a barrel on Wednesday. Brent recorded a monthly gain of around 14% in September, its biggest since July, while WTI increased by about 5% on the month.