Oil drops over 2% on Middle East supply rise
Oil prices declined by more than 2% today, Tuesday, due to increased Middle Eastern exports, with Gulf flows—excluding Iran—surpassing 81% of pre-war levels, along with the G7 releasing emergency stockpiles. The boost in supplies and the advancement of Yemeni forces have helped ease supply disruption fears, despite ongoing security risks in the region. Brent crude fell to $98.62 per barrel, while West Texas Intermediate dropped to $87.60, amid escalating attacks on Saudi airports amidst rising tensions between the Kingdom and the Houthis.
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