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Oil declines as Middle East exports scrutinized
Oil prices retreated slightly on Tuesday, despite strong Middle Eastern exports and the G7's decision to draw from emergency reserves, which eased supply concerns. Brent crude fell to $100.28 per barrel, and West Texas Intermediate to $89.33, as the market remained cautious due to Houthi attacks targeting Saudi targets and rising tensions with Iran. Nonetheless, data showed that oil exports from the region exceeded pre-war levels during the last week of December, and G7 countries' decision to withdraw 100 million barrels from reserves helped stabilize prices. As Houthi attacks continue and the conflict with Saudi Arabia intensifies, the market remains vigilant about the possibility of disruptions to oil supplies from the Gulf.
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