Oil prices declined on Tuesday as stronger crude exports from the Middle East and a planned release of emergency reserves by G7 nations eased concerns about global supplies. Brent crude fell below $100 per barrel while the US West Texas Intermediate crude dropped to $88/barrel during early trading.
Market pressure increased after shipping data showed Middle Eastern crude exports exceeded pre-war levels on four days during the final week of September. Producers have maintained shipments despite security threats and disruptions around the Strait of Hormuz.
G7 countries also agreed to release 100 million barrels of crude and diesel from emergency reserves. The move is expected to provide additional supplies and reduce immediate concerns about shortages. Reuters
However, geopolitical risks continue to limit the decline in oil prices. Attacks on tankers near the Strait of Hormuz have increased, while tensions between Saudi Arabia and Iran-backed Houthi forces remain high.
Gulf oil flows excluding Iran recovered to more than 81% of pre-war levels in September, supported by stronger Saudi exports. Kuwait is producing at about 75% of pre-war levels, while Saudi Arabia has also reduced its official selling price for Arab Light crude in Asia. Analysts caution that supply risks remain elevated because continued attacks could disrupt energy infrastructure and shipping routes.
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