Oil prices fell Wednesday as Persian Gulf crude exports showed signs of recovery, easing supply concerns. December Brent crude futures dropped 0.9% to $95.31 a barrel, while West Texas Intermediate futures fell 0.6% to $86.76 a barrel. Both contracts also declined Tuesday after indications of recovering Saudi and broader Middle East oil exports.

Goldman Sachs analysts reported Persian Gulf exports likely reached 23.3 million barrels a day in the week through Sept. 28, aligning with the 2025 average. Increased flows through the Strait of Hormuz, including ship-to-ship transfers, supported the recovery despite disruptions to Saudi Arabia’s East-West pipeline. Saudi crude exports rose to 5.8 million barrels a day in September, the highest since February, according to ANZ Research.

Flows through the kingdom’s pipeline are recovering faster than expected, and Saudi Arabia has resumed loading vessels at the Red Sea port of Yanbu. Meanwhile, Yemen’s Iran-backed Houthi militia have intensified attacks in the Red Sea, expanded their coastal presence, and asserted control over the Bab al-Mandeb Strait, a key energy-shipping corridor. The U.S. Energy Department is seeking bids for an exchange of up to 40 million barrels from the Strategic Petroleum Reserve, part of a coordinated 400-million-barrel release by International Energy Agency member countries.

Deliveries are scheduled for November and December.