Crude prices held their losses in early trading as Bloomberg reported that Middle East oil exports have recovered to near pre-war levels, easing the supply-risk premium that had supported benchmarks through the recent escalation.

Brent futures traded below $75/bbl in London, while WTI held near $71/bbl in New York, both benchmarks retaining much of the previous session's decline.

The Bloomberg report, citing tanker-tracking data, indicates that crude loadings from the region's main export terminals have normalized, with volumes from OPEC's Gulf core producers back to levels seen before the conflict disrupted freight routing and insurance costs.

The export recovery

Middle East crude exports had dipped during the height of regional tensions as shipowners rerouted cargoes and war-risk insurance premiums climbed on transits through chokepoints. The recovery to pre-war levels removes a key bullish argument from the market's balance sheet.

Traders now refocus on fundamentals: OPEC+ supply policy, Chinese demand indicators, and OECD inventory builds.

What to watch

• The next OPEC+ production decision and any unwind of voluntary cuts
• Chinese refinery run rates and import allocations
• US inventory data from the EIA

Price commentary remains analysis to attribute; market watchers cited by Bloomberg see range-bound trading absent a fresh supply shock.