Oil pares gains as OPEC production rises and Hormuz flows improve

Oil prices were little changed after paring early gains, with Brent crude edging up 0.2% to $105.92 per barrel and WTI rising 0.6% to $94.71 per barrel. Market gains were restrained by signs of easing Strait of Hormuz shipping bottlenecks after U.S. Central Command facilitated transit of over 19 million barrels of crude. OPEC's September crude output rose by about 920,000 barrels per day. Saudi Arabia reported production reached 8.4 million barrels per day, while Iraq boosted output to 4.4 million barrels per day, offsetting regional geopolitical tensions and heightened maritime security risks.