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Transcontinental geopolitical region
The Middle East is a geo-political region that is generally defined as encompassing all of Egypt and all of West Asia except for the Caucasus. It roughly corresponds with what was historically referred to in Western Europe as the Near East, which was juxtaposed with the Far East. Unlike West Asia's adherence to continental boundaries, the Middle East is demarcated by following political borders and consequently includes East Thrace in Southeast Europe because it is a part of Turkey.
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Investing.com -- Goldman Sachs analyst Yulia Zhestkova Grigsby assessed, in a note Wednesday, why Persian Gulf oil exports have returned to last year’s levels, yet crude prices remain elevated because of a large risk premium.
Oil prices declined as Saudi Arabia resumed crude exports via the East-West pipeline, easing concerns over supply disruptions amid the US-Israeli war on Iran.
Saudi Arabia has restored flows through the pipeline to around 3.5 million barrels per day, according to media reports.