Brent Crude Hits $100.59 as G7 Releases Emergency Oil Reserves
Oil prices saw a modest increase on Tuesday, with Brent crude futures climbing by 27 cents, or 0.3%, to reach $100.59 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures rose by 30 cents, or 0.3%, settling at $89.73 per barrel.
The upward movement in oil prices followed a recent agreement among G7 countries to release 100 million barrels of diesel and crude oil from their emergency reserves. This decision came as part of efforts to stabilize global energy markets and ease concerns over supply disruptions.
The G7 nations also pledged to avoid imposing restrictions on energy exports, a move aimed at maintaining the flow of oil to the global market. This pledge was influenced by pressure from US President Donald Trump, who has been advocating for measures to support oil producers and consumers alike.