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Oil climbs despite Middle Eastern export boost
Oil prices rose slightly due to ongoing geopolitical risks in the Middle East, despite improvements in regional exports and the G7's step to withdraw 100 million barrels from emergency reserves to ease concerns over supply shortages. The Brent crude futures increased to $100.59 per barrel, while West Texas Intermediate rose to $89.73, with oil flows from the Gulf region remaining over 81% of pre-war levels, as Iranian exports have dropped to zero due to sanctions. However, security risks, attacks on oil tankers, transportation and insurance costs continue to be a concern that impacts price movements, with a state of caution still prevailing in the markets.
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