Oil prices fall amid Middle East exports and G7 stocks

Oil prices rose slightly today, Tuesday, amid ongoing security concerns in the Middle East. However, strong regional exports and emergency stock release orders by G7 countries helped ease fears of supply shortages. Brent crude increased by 0.3% to reach $100.59 per barrel, while West Texas Intermediate rose by the same percentage to $89.73. Middle Eastern oil exports in late September surpassed pre-war levels, especially with the recovery of Saudi exports despite attacks on infrastructure. Conversely, Iran’s exports dropped to zero due to the U.S. sanctions.

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