Oil Futures Rise After Five-Day Slide as Supply Risks Shift

Oil futures rose Wednesday after five straight sessions of losses. At 9:43 a.m. EDT, November WTI was up 0.6% at $91.05 a barrel, while Brent gained 1.3% to $100.51, Dow Jones reported.

The rebound came as traders balanced hopes for renewed U.S.-Iran talks against signs that more Middle East crude could reach buyers. Both benchmarks had recently fallen to their lowest levels in more than two weeks.

Saudi Arabia restarted its East-West pipeline on Tuesday, three sources told Reuters. The route carries crude to the Red Sea, bypassing the Strait of Hormuz, and its return eased some concern about lost supplies.

Diplomacy also weighed on prices. President Donald Trump said his representatives had held productive discussions through mediators, but Iran had shown little interest in direct talks, according to Ritterbusch & Associates.

The public signals remain mixed. Trump threatened Iran at the United Nations on Tuesday, while Iranian officials said reopening the Strait of Hormuz had been discussed in indirect talks. Tehran has said important differences remain.

The market was also tracking U.S. stockpiles. The American Petroleum Institute estimated crude inventories rose by 1.8 million barrels in the week through September 18. Government figures from the Energy Information Administration were due later Wednesday.

Other regional supply could add to the recovery in flows. Iraq’s oil minister said the country was exporting more than 3 million barrels a day and expected exports through Turkey to rise above 600,000 barrels a day, Reuters reported.

For traders, the key question is whether supply improvements last and diplomacy advances beyond mediated exchanges. A pipeline restart and inventory build can pressure prices, while any fresh disruption or breakdown in talks could revive fears of tighter supply.