Oil prices dip as Middle East exports rise and G7 releases reserves
Oil prices declined on Monday amid rising crude exports from the Middle East and the Group of Seven nations' decision to release emergency oil stocks. Brent crude futures dropped by 35 cents, or 0.34%, to $101.90 a barrel, while US West Texas Intermediate crude fell by 62 cents, or 0.68%, to $90.49 a barrel.
The decline came despite ongoing concerns about potential damage to Gulf oil infrastructure due to the Iran war. The G7 countries agreed on Friday to release 100 million barrels of diesel and crude from their emergency reserves, a move prompted by pressure from US President Donald Trump.
Shipping data revealed that Middle Eastern crude exports surpassed pre-war levels in four of the seven days of the final week of September. This increase in supply contributed to the downward pressure on oil prices, despite attacks on vessels passing through the Strait of Hormuz.