Oil steadied after recent declines as Middle East supply neared pre-war levels:
sources say Saudi Arabia has restored East-West pipeline flows to at least 3.5
mln bpd, roughly half capacity, bypassing the Strait of Hormuz. The US plans to
release up to 40 mln barrels from the Strategic Petroleum Reserve — the final
tranche of a previously coordinated 172 mln-barrel release — to counter rising
fuel prices less than two months before the midterm elections. Two delegates
said OPEC+ major members may keep next month’s production quotas unchanged at a
weekend meeting.
