Gulf Oil Flows Normalize, Yet Prices Stay High Due to Thin Inventories and Geopolitical Risk
Crude exports from the Persian Gulf have recovered to within 10% of pre-war levels, yet oil prices remain elevated due to thin inventories, elevated shipping costs, and ongoing geopolitical tensions. Brent crude traded near $108.82 per barrel on Wednesday, with WTI at $97.15, as traders worry about potential post-midterm military escalations and continued attacks on infrastructure.