Oil prices slip as traders weigh strong Mideast exports against Gulf tensions
NEW YORK: Oil prices down on Tuesday as resilient Middle Eastern crude exports and a G7 emergency stockpile release eased supply concerns, though attacks by Yemen's Houthis on Saudi targets kept traders wary of risks to Gulf supplies.
New York markets saw oil prices drop on Tuesday as strong Middle Eastern exports and a G7 release of emergency crude reserves helped calm supply worries. However, attacks by Houthi rebels in Yemen continued to cast doubts on future Gulf supply stability. Brent crude futures fell four cents to $100.28 per barrel, while US West Texas Intermediate futures declined 11 cents, or 0.1%, to $89.33 per barrel.
Analyst Tim Waterer noted that the modest easing of supply-side anxiety, coupled with the G7's decision to release strategic reserves, has temporarily held prices in check despite Brent prices hovering around the $100 mark. Middle East crude exports had surged to pre-war levels on four occasions during the previous week of September, according to shipping data.
Furthermore, G7 nations decided on Friday to release 100 million barrels of diesel and crude from emergency reserves and vowed to avoid energy export restrictions following pressure from US President Donald Trump. Nonetheless, tensions between Saudi Arabia and Iranian-backed Houthi forces in Yemen persisted, raising concerns over potential disruptions to supplies from the region's primary oil producer amid ongoing US-Iran negotiations.
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