Oil Prices Dip as West Asian Exports Counter Gulf Tensions

Oil prices dipped slightly on Tuesday as traders balanced strong crude exports from West Asia against ongoing tensions in the Gulf region. Brent crude futures fell 4 cents to $100.28 a barrel, while US West Texas Intermediate crude futures dropped 11 cents to $89.33 a barrel.

Shipping data revealed that crude exports from West Asia surpassed pre-war levels on four days during the last week of September. This resilience in regional oil flows helped ease supply concerns, despite recent attacks on ships passing through the Strait of Hormuz.

Adding to the easing of supply anxieties, G7 countries agreed to release 100 million barrels of diesel and crude from emergency reserves. The decision, made under pressure from US President Donald Trump, also included a pledge to refrain from energy export restrictions.

However, the conflict between Saudi Arabia and Iran-backed Houthi forces in Yemen continued to fuel concerns over potential disruptions to supply. The Houthis claimed attacks on several sites in Saudi Arabia, including King Khalid International Airport in Riyadh and an Aramco refinery in Rabigh, though there was no immediate Saudi confirmation.

Analysts noted that without a clear diplomatic breakthrough or further improvement in export efficiency, oil prices remained firmly supported. KCM Trade chief analyst Tim Waterer remarked that Brent crude remained anchored around the $100 level, despite the modest easing in supply-side anxiety.