Dubai Crude Flips Into Contango as Middle East Oil Exports Rebound

Middle East crude oil supply is outpacing immediate demand for the first time since July, pushing the Dubai benchmark into contango. Persian Gulf exports recovered toward pre-war levels as combined shipments from Saudi Arabia, the UAE, Iraq, and Kuwait climbed 10% month-over-month to top 15 million barrels per day. Consequently, the November Dubai contract fell to roughly a $2 per barrel discount against December. Easing supply concerns and speculation over potential U.S.-Iran diplomatic talks pulled global benchmarks lower on Tuesday, with Brent sliding 1.1% to $103.60 per barrel and WTI settling 0.4% lower at $96.09 per barrel.