India, Sept. 30 -- Oil prices rose on Wednesday as traders weighed two opposite developments: Saudi Arabia is restoring some crude exports, which could ease supply concerns, while uncertainty over the Strait of Hormuz continues to support oil prices.

Brent crude futures for November delivery rose 1% to $103.64 a barrel at 05:06 ET. US West Texas Intermediate (WTI) crude futures also gained 0.9% to $90.21 a barrel. The rise came after a sharp fall in the previous session. Brent crude had settled 2.6% lower on Tuesday, while WTI dropped 3.5%.

One reason oil prices fell on Tuesday was improving Saudi Arabian export flows. Saudi Arabia has restarted crude loadings at the Red Sea port of Yanbu after restoring flows through its East-West Pipe...