Brent Falls to $97.36 as Gulf Oil Exports Near Pre-War Levels

Brent crude fell to $97.36 per barrel at 1:17 a.m. ET (05:17 UTC) on Oct. 1 as Middle East oil exports recovered toward pre-war levels through several shipping routes.

The benchmark was down from above $103 the previous day. September crude exports from the Middle East Gulf excluding Iran returned to the pre-war benchmark, while flows including Iran reached 91% of that level.

About 60% of September crude physically crossed the Strait of Hormuz. Another 23% was loaded outside the strait, mainly at Fujairah, while 17% moved through the Red Sea.

The figures cover Sept. 1–28 and use a pre-war comparison period from March 2025 through February 2026. The recovery reflects renewed Hormuz traffic alongside alternative routes, meaning flows through the strait itself have not returned to pre-war levels.