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

Brent crude futures slipped 0.44% to $101.32 a barrel on Monday, according to Mettis Global data, while West Texas Intermediate rose 0.87% to $90.32 by 9:58 am PST. A pickup in Middle Eastern crude deliveries and G7 plans to draw on emergency stocks eased near-term supply worries. Even so, threats to Gulf energy infrastructure persist while the Iran war continues.

Brent had given back most of the prior week's advance, and WTI fell 1.6% after G7 governments agreed on Friday to release 100 million barrels from emergency stocks, covering crude and diesel. The members also pledged to refrain from energy export curbs, a stance taken after US President Donald Trump pressed for it. Shipping figures indicated Middle Eastern crude exports were above their pre-war level on four days out of seven in late September, despite attacks on vessels near Hormuz, CNBC said.

The Houthis claimed missile and drone strikes on Saudi Aramco sites in Riyadh and Khurais as payback for 50 air and missile raids by Saudi-led forces in Yemen across the previous 12 hours, though the kingdom has yet to verify them. In a surprise move, Saudi Aramco reduced its November crude pricing for Asian buyers to a six-year low. OPEC+ also pushed back a review meant to set 2027 output quotas, with two sources citing uncertainty linked to the US-Israeli war on Iran.