Oil Prices Slip Further as Gulf Exports Recover
Crude prices retreated as Middle East oil exports rebounded near pre-war levels, easing supply concerns. Goldman Sachs reported that oil exports likely recovered to 23.3 million barrels a day in the week through September 29, aligning with the 2025 average. Meanwhile, West Texas Intermediate crude pulled back during the Asian session, snapping a two-day winning streak. In contrast, prior sessions saw prices jump as Chinese refiners suspended fuel product exports to regions beyond Hong Kong and Macau, while investors continued tracking diplomatic developments surrounding the US-Israeli war on Iran and US-Iran talks.
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- ✓ Oil exports likely recovered to 23.3 million barrels a day in the week through September 29, roughly in line with their 2025 average, according to Goldman Sachs.
- ✓ West Texas Intermediate crude declined during the Asian session on Friday, snapping a two-year winning streak.
- ✓ Chinese refiners suspended exports of oil products to regions beyond Hong Kong and Macau until further notice.
What changed
Crude prices slipped further during Friday trading as recovering Gulf shipments and a strong US dollar countered earlier supply concerns.
Live updates
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Oil Prices Slip as Gulf Exports Recover
Crude prices retreated as Middle East oil exports rebounded near pre-war levels, easing supply concerns. Goldman Sachs reported that oil exports likely recovered to 23.3 million barrels a day in the week through September 29, aligning with the 2025 average. Meanwhile, West Texas Intermediate crude pulled back during the Asian session, snapping a two-day winning streak. In contrast, prior sessions saw prices jump as Chinese refiners suspended fuel product exports to regions beyond Hong Kong and Macau, while investors continued tracking diplomatic developments surrounding the US-Israeli war on Iran and US-Iran talks.
Why it matters
Energy markets remain sensitive to supply shocks following disruptions in the Middle East and shifting export policies in major economies like China. The partial recovery of Gulf shipments helps relieve pressure on global fuel supplies, although persistent geopolitical tensions and ongoing trade restrictions continue to drive volatility. Traders are closely monitoring employment data and central bank policy expectations as high energy costs fuel rate hike bets across global markets.
What is confirmed
- Oil exports likely recovered to 23.3 million barrels a day in the week through September 29, roughly in line with their 2025 average, according to Goldman Sachs.
- West Texas Intermediate crude declined during the Asian session on Friday, snapping a two-year winning streak.
- Chinese refiners suspended exports of oil products to regions beyond Hong Kong and Macau until further notice.
Still unconfirmed
- Brent benchmark oil prices rose by $3 due to China suspending oil products exports.
What to watch next
- Upcoming release of US September employment figures for nonfarm payrolls and the unemployment rate
- Further updates on US-Iran talks and diplomatic efforts regarding the war on Iran
- Developments in Chinese fuel export suspensions and global inventory levels
confidence 95%Sources used for this update (13)
- CNBC — Oil extends gains as Middle East supply concerns persist
- wsj.com — Oil Prices Rise as U.S.-Iran Talks Remain Uncertain
- nytimes.com — Mideast Oil Exports Rebound Even as Prices Remain Elevated
- WSJ — Oil Prices Slip Further as Gulf Exports Recover
- Bloomberg.com — Oil Holds Decline as Middle East Exports Seen Near Pre-War Level
- www.hindustantimes.com — Oil prices slip further as Gulf exports recover | World News
- tribune.com.pk — Oil prices rise 2% as China suspends fuel exports - The Express Tribune
- www.businessday.co.za — Oil jumps $3 as China halts fuel exports - Business Day
- www.rte.ie — Oil prices rise $3 as China suspends fuel exports
- economictimes.indiatimes.com — Global Market: Eurozone bonds face pressure as energy shock fuels rate hike bets
- bbc.bm — Oil prices rise as China suspends fuel exports | Bermuda News, TV & Radio | Bermuda Broadcasting Company
- www.mitrade.com — WTI Price Forecast: Dips to $91.50 as Middle East jitters limit losses
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