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Oil drops amid rising Middle Eastern exports
Oil exports from the Middle East Increased significantly, surpassing pre-war levels within just four days of the end of September, despite attacks on ships in the Strait of Hormuz. At the same time, the G7 countries decided to release 100 million barrels from diesel and oil reserves and pledged not to impose export restrictions, which led to a slight decline in oil prices, with Brent crude dropping to around $101.6 and West Texas Intermediate to about $90.1. This decrease is attributed to reduced supply shortage risks, although tensions and threats to infrastructure in the Gulf remain ongoing.
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