Oil Prices Stabilize Near 100 as Middle East Exports Offset Supply Risks

Global oil prices saw mixed trading on Tuesday, with Brent crude nearing $100 per barrel as increased exports from the Middle East and a planned release of emergency fuel reserves by the G7 countries helped ease supply concerns. Brent crude futures dipped 29 cents, or 0.3 percent, to $100.03 a barrel, while US West Texas Intermediate (WTI) crude rose 16 cents, or 0.2 percent, to $89.59 a barrel.

Analysts noted that the price of Brent crude has stabilized around $100 due to the assumption of more crude oil being transported despite regional conflicts. Vitol’s chief executive reported that around 12 million barrels per day of crude oil and 2 million barrels per day of refined products had left the Middle East over the past seven to ten days, helping to moderate price pressure.

The market’s cautious tone followed recent attacks on Saudi Arabia’s airports in Jazan and Najran, which injured three people and caused limited damage. The escalation in hostilities between Saudi-backed Yemeni forces and the Houthis has raised concerns over the security of energy infrastructure and export routes.

The G7’s agreement to release 100 million barrels from strategic reserves has also influenced market sentiment, although details on the composition and contributions from participating countries remain unspecified. The International Energy Agency is expected to meet next week to finalize the diesel stock release plans.

The US Energy Information Administration projected that global petroleum production would decline from 106.3 million barrels per day in 2025 to 101.1 million barrels per day in 2026 due to supply disruptions. Similarly, global oil demand is expected to drop from 104.4 million barrels per day in 2025 to 102.4 million barrels per day in 2026, with a recovery projected for 2027.