Oil prices hover near $100 as Middle East supply holds up, Gulf risks persist
Global oil prices remain near $100 per barrel due to ongoing supply concerns and geopolitical tensions in the Middle East. While exports have held up, Houthi attacks on Saudi infrastructure and shipping bottlenecks continue to create market uncertainty.
Why it matters
High oil prices impact global inflation and energy costs, making the stability of Middle Eastern supply chains a critical economic factor.
Oil prices remained close to $100 a barrel on Tuesday, with steady Middle Eastern oil exports helping to ease supply concerns. However, continued attacks in the region kept traders alert to the risk of disruptions to Gulf supplies.Brent crude was trading at $100.6 a barrel, up 24 cents or 0.24%, while WTI stood at $89.60, gaining 17 cents or 0.19%.The benchmarks have eased from around $103 a barrel after shipping data showed Middle Eastern crude exports had exceeded pre-war levels on four days in the final week of September. Oil shipments held up despite attacks on vessels travelling through the Strait of Hormuz.The supply picture also improved after G7 countries agreed to release 100 million barrels of diesel and crude from emergency reserves.
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