Why Oil Prices Are Still Above $100 Even as Gulf Exports Recover

TLDR Brent crude fell 1.1% to $114.00 a barrel and WTI slipped 1.3% to $101.49 on Thursday. Traders weighed new Iran diplomacy against fears of U.S. strikes after the Nov. 3 midterms. Goldman Sachs says fear of supply disruptions adds about $27 a barrel to Brent. Persian Gulf exports passed prewar levels, but attacks near the Strait of Hormuz keep costs high. U.S. crude stocks fell 1.9 million barrels, and global inventories are near their lowest since at least 2016. Oil prices fell on Thursday as traders weighed new diplomatic efforts in the Middle East against the risk of renewed U.S. strikes on Iran. Fears of attacks on Saudi energy sites also kept prices high. As of 07:37 ET, Brent crude futures dropped 1.1% to $114.00 a barrel. U.S.

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