Oil prices slip to $101 amid G7 stock release, rising Middle East exports

October 05, 2026 (MLN): Oil prices fell on Monday as increased crude shipments from the Middle East and plans by Group of Seven (G7) countries to release emergency oil stocks eased near-term supply concerns, although risks to Gulf energy infrastructure remain amid the ongoing Iran war.

Currently, Brent crude futures is down, 0.44%, at $101.32 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $0.79, or 0.87%, to $90.32 per barrel by [09:58 am] PST.

Brent crude surrendered most of last week’s gains, while West Texas Intermediate (WTI) declined 1.6% after G7 nations agreed on Friday to release 100 million barrels of crude and diesel from strategic reserves.

The countries also pledged not to impose restrictions on energy exports following pressure from U.S. President Donald Trump.

The additional supplies come as Middle Eastern crude exports climbed above pre-war levels on four of the seven days during the final week of September, according to shipping data, despite attacks on vessels transiting the Strait of Hormuz, according to CNBC.

The supply outlook remained clouded by escalating regional tensions. The Houthis said they had launched ballistic missiles and drones targeting Saudi Aramco facilities in Riyadh and the Khurais area, claiming the attacks were retaliation for 50 Saudi-led air and missile strikes in Yemen over the previous 12 hours. Saudi Arabia has not confirmed the attacks.

Meanwhile, Yemen’s Saudi-backed internationally recognized government said on Sunday that it had launched a major military campaign aimed at retaking areas controlled by the Iran-backed Houthis.

Saudi Aramco has also unexpectedly lowered its November crude prices for Asian buyers to six-year lows.

Separately, OPEC+ postponed a review that was expected to determine oil production quotas for 2027, as the U.S.-Israeli war on Iran has disrupted Middle Eastern capacity-expansion projects and created uncertainty around future production potential, according to two sources familiar with the matter.

In Europe, Ukrainian President Volodymyr Zelenskyy told Reuters that Ukraine would intensify attacks on Russian oil refineries, adding another source of uncertainty to the global oil supply outlook.

Copyright Mettis Link News