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Oil prices were largely stable in Asian trading on Thursday as investors assessed recovering Middle East crude exports against persistent risks to regional supplies and uncertainty surrounding Iran-U.S. ceasefire talks.
December Brent crude futures rose 0.2% to $98.23 a barrel by 00:35 GMT, while U.S. West Texas Intermediate (WTI) crude futures held near $90.49. The expired front-month Brent contract settled at $103.50 on Wednesday.
Brent gained roughly 14% in September, marking its strongest monthly advance since July, while WTI climbed about 5%.
Signs of improving Gulf oil shipments have eased some supply concerns. Kpler data showed Middle East crude exports reached 16.328 million barrels per day in September, the highest level since the regional conflict began in February. Saudi Arabia also resumed tanker loadings from its Yanbu port after restarting the East-West pipeline.
Still, Middle East exports remained approximately 3.2 million bpd below February levels, keeping global oil markets vulnerable to renewed supply disruptions.
Diplomatic developments also remained in focus. Iran said Wednesday that it had received a U.S. response to its latest ceasefire proposal. President Donald Trump previously rejected a plan involving the reopening of the Strait of Hormuz in exchange for lifting the U.S. blockade on Iranian ports.
Tight refined-product supplies provided additional support for crude prices. U.S. crude inventories increased by 922,000 barrels last week, according to the Energy Information Administration, compared with expectations for a 700,000-barrel decline.
However, gasoline inventories dropped 1.7 million barrels, while distillate stocks, including diesel and heating oil, declined by 2.3 million barrels.
Diesel supplies are drawing particular attention after U.S. prices reached a record $6.53 per gallon last week amid historically low inventories. Trump said Wednesday that discussions over a potential U.S. diesel export ban were continuing, despite the White House previously denying reports that it was preparing a 90-day blanket restriction.
With Middle East crude flows improving but geopolitical risks and fuel shortages persisting, oil prices remain sensitive to supply and diplomatic developments.
