Oil prices decline as G7 releases reserves
- Brent crude futures fell 83 cents, or 0.8%, to $99.49 a barrel on Tuesday.
- G7 nations agreed to release 100 million barrels of emergency reserves to stabilize energy markets.
- Resilient crude exports from the Middle East helped offset supply concerns despite elevated regional transit risks.
Brent crude futures fell 83 cents to $99.49 a barrel as emergency stockpile releases eased immediate supply fears.
The price decline followed a G7 agreement to release 100 million barrels of crude and diesel from reserves.
"Shipping data shows regional crude exports actually exceeded pre-war levels on several days in late September," said Phillip Nova Head of Market Insights Priyanka Sachdeva.
Gulf oil flows excluding Iran recovered to over 81% of pre-war levels in September despite ongoing shipping disruptions.
Following the announcement, Brent crude price was down at $99.49.
Kuwait confirmed production returned to 75% of pre-war levels while Saudi Arabia reduced official selling prices for Asia.
Houthi forces claimed attacks on Saudi Aramco infrastructure in Rabigh following military advances along the Bab el-Mandeb Strait.
