Oil slips as Middle East crude exports rise, G7 to release stocks
Oil prices remained relatively stable as increased Middle Eastern exports and a G7 release of emergency reserves offset supply concerns caused by the ongoing US-Israeli conflict with Iran. Despite the price stabilization, regional infrastructure remains at risk due to Houthi attacks.
Why it matters
Energy market volatility remains a critical factor in global inflation and geopolitical stability as conflict in the Gulf continues to threaten supply chains.
Oil prices were little changed on Monday as rising Middle East crude exports and a release of oil stocks by the Group of Seven nations boosted supplies, offsetting concerns about further damage to Gulf oil infrastructure as the US-Israeli war on Iran drags on.
Brent crude futures rose 38 cents to $102.63 a barrel, while US West Texas Intermediate crude was at $90.34 a barrel, down 77 cents.
Brent gave up most of its gains last week while WTI was 1.6% lower after G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged to refrain from energy export restrictions after pressure from US President Donald Trump.
Also covering this story
10 other newsrooms covered this event. We read each version separately.
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