Brent steadies near $100 amid Gulf exports
Oil prices have stabilized at around $100 per barrel after declining by approximately 2% on Monday. This comes amid increased exports from the Arab Gulf and Saudi Arabia's price cuts, indicating a reduction in market tightness. Brent crude oil remains close to $100, while West Texas Intermediate stays above $89, despite ongoing risks in the Strait of Hormuz due to regional tensions. Gulf exports are improving with increased transit through the Strait of Hormuz, despite the pursuit risks, as Kuwait is pumping about 75% of its pre-war levels with Iran, and Iraq is working on chartering ships to transport its shipments. Prices remain high despite recovering supplies, due to shipping disruptions, security threats in Yemen, maritime threats from the Houthis, and recent strikes on Russia, reflecting persistent risks to global oil supplies.
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