Crude oil prices declined on Wednesday and remained lower earlier today after a strong September gain, as reports from JP Morgan, Goldman, and Kpler indicated that oil flows from the Persian Gulf had nearly returned to pre-war levels. Brent crude traded at $97.36, down from more than $103 per barrel the previous day, while West Texas Intermediate fell to $89.57 from above $90. Kpler estimated Hormuz exports at nearly 80% of pre-war levels, JP Morgan put them as high as 98%, and Goldman reported Middle Eastern flows of 23.3 million barrels per day, matching the 2025 average. Goldman also said Saudi Arabia exported more oil in September than in the same month last year. Reports of Iranian attacks on tankers in the Strait of Hormuz had no visible effect on prices, although shipping and insurance reports said the region remained unsafe and that security concerns were raising the cost of flows. Ship-to-ship transfers and alternative routes may be supporting higher volumes.