Oil Prices Drop as G7 Releases Reserves and Middle East Exports Rise
Oil prices saw a decline as global markets reacted to two significant developments. First, G7 nations announced plans to release up to 100 million barrels of oil and diesel fuel from their strategic reserves over the next four months. French President Emmanuel Macron confirmed this move on Friday. Second, data from Kpler revealed that Middle Eastern crude exports rose in the last week of September, despite ongoing tensions in the Strait of Hormuz.
December Brent crude futures on the ICE Futures exchange fell by $0.73, or 0.71%, to $101.52 per barrel. Meanwhile, November WTI crude futures on the New York Mercantile Exchange (NYMEX) dropped by $1.14, or 1.25%, to $89.97 per barrel. The price drops came amid increased supply from the Middle East, which saw regional crude exports reach between 19.5 million and 22.5 million barrels per day during four out of seven days in late September.
These export levels exceeded pre-US-Iran war averages, which stood at around 18 million barrels per day from March 2025 to February 2026. The surge in Middle Eastern exports, combined with the G7's decision to tap into strategic reserves, contributed to the downward pressure on oil prices.