Oil Prices Reverse Initial Gains as Gulf Supply Recovery Weighed

Brent crude fell 0.3% to $108.42 a barrel, reversing earlier gains above $110. WTI slipped 0.1% to $97.69. Middle East oil shipments have surpassed prewar levels, with 40% of Gulf oil now bypassing the Strait of Hormuz via alternative routes. However, refined-product exports remain weak, keeping diesel margins elevated. China's apparent oil demand fell 15.2% in September.