Oil Prices Dip Amid Mixed Middle East Supply Signals
Oil prices fell on Tuesday as strong Middle Eastern crude exports and a G7 emergency stockpile release helped ease supply concerns. Brent crude lost 4 cents to $100.28 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 11 cents to $89.33 a barrel. Analyst Tim Waterer of KCM Trade noted that oil prices remained stable after yesterday’s decline, as traders balanced supply-side anxiety with recent positive developments. The pickup in Saudi export numbers and the G7’s decision to release 100 million barrels of diesel and crude from emergency reserves helped keep prices in check.
Crude exports from the Middle East surpassed pre-war levels on four days during the last week of September, according to shipping data. This resilience in regional oil flows came despite attacks on ships passing through the Strait of Hormuz. The G7’s agreement to release strategic reserves, influenced by pressure from U.S. President Donald Trump, further eased supply concerns. However, ongoing conflict between Saudi Arabia and Iran-backed Houthi forces in Yemen continued to raise concerns about potential disruptions to Gulf supplies.
Yemen’s Houthis claimed attacks on several sites in Saudi Arabia, including King Khalid International Airport in Riyadh, an Aramco refinery in Rabigh, and Abha airport. There was no immediate confirmation from Saudi authorities. Analyst Tim Waterer cautioned that without a clear diplomatic breakthrough or further improvement in export efficiency, oil prices would likely remain supported.