Oil Prices Dip as Middle East Exports Rise Amid G7 Reserve Release

Oil prices dropped on Monday, October 5, 2026, as Middle East crude exports increased, adding to global supplies. Brent crude futures fell 66 cents, or 0.65%, to $101.59 a barrel, while US West Texas Intermediate crude was down 95 cents, or 1.03%, at $90.12 a barrel.

The decline came despite the ongoing United States-Israeli conflict with Iran. Last week, Brent crude lost most of its gains, and WTI fell 1.6% after the G7 countries agreed to release 100 million barrels of diesel and crude from emergency reserves. The G7 also pledged to avoid energy export restrictions following pressure from US President Donald Trump.

Shipping data revealed that the G7's release would further boost Middle Eastern crude exports, which had already risen above pre-war levels in four of the seven days of the final week of September. This increase occurred despite attacks on vessels in the Strait of Hormuz.

Tim Waterer, chief analyst at KCM Trade, noted that the G7 decision to tap strategic reserves eased immediate supply concerns. He also observed that Saudi export volumes were returning to pre-war levels, though at higher costs and via less efficient routes. This combination helped subdue oil prices, even as risks of further damage to Gulf energy infrastructure remained.