Persian Gulf oil exports recovered to 23.3 million barrels per day over the past week, broadly matching the region’s 2025 average, while Saudi Arabia restored partial East-West Pipeline flows and resumed Red Sea loadings. Goldman Sachs analyst Yulia Zhestkova Grigsby said exports doubled during September, with higher Strait of Hormuz shipments and ship-to-ship transfers supporting the rebound. Estimated crude exports reached 19 million barrels per day, or 108% of the 2025 average, and accounted for nearly 90% of the recovery. Saudi exports more than doubled in September to 11.6 million barrels per day, while UAE exports exceeded their 2025 average. Brent for November settled 1% higher at $103.64 a barrel and WTI rose 0.9% to $90.21 after earlier declines, while physical crude such as dated Brent remained near $120. Goldman said a large risk premium, record-low global stocks excluding OECD commercial inventories and escalation risks were supporting prices, though it expects Brent at $85 by year-end and $80 in 2027. Qatar-mediated talks on reopening Hormuz and changing U.S. sanctions policy produced no agreement, while Houthi restrictions through Bab al-Mandab continued.