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      Oil Prices Decline Amid Increased Saudi Shipments

      Brent crude oil prices fell by 2.6% to $101.18 per barrel, while West Texas Intermediate (WTI) dropped below $98 per barrel. This decline comes as diplomatic efforts and a steady supply of oil have alleviated concerns about a potential shortage in the market.

      Saudi Arabia has significantly increased its oil shipments through the Strait of Hormuz, averaging 2.9 million barrels per day (bpd) compared to just 700,000 bpd in August. This surge in supply has contributed to a decrease in the geopolitical premium associated with crude oil prices, as fears of disruption have lessened.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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