Oil Prices Edge Up on Middle East Export Recovery and Supply Fears

International oil prices saw a modest rise on October 6, driven by ongoing supply concerns and a partial recovery in Middle East exports following a recent drone attack. On the ICE Futures Exchange, Brent crude for December delivery settled at $100.58 per barrel, up 0.26%. Meanwhile, West Texas Intermediate (WTI) crude for November delivery on the New York Mercantile Exchange closed at $89.44 per barrel, a slight increase of 0.01%.

Supply disruptions remain a key focus for the market. Vitol, the world's largest independent oil trader, reported that over the past week to ten days, approximately 12 million barrels of crude oil and 2 million barrels of petroleum products per day have been loaded onto tankers and shipped out of the Middle East. Additionally, the volume of transport through Saudi Arabia's East-West Pipeline has stabilized, easing some short-term supply worries.

The Group of Seven (G7) nations recently agreed to release a total of 100 million barrels of strategic reserves, including crude oil and diesel, over a four-month period. This move aims to address potential supply shortages. However, lingering military tensions, particularly attacks by Yemen's Houthi rebels on Saudi airports and oil refineries, continue to pose risks of further supply disruptions.