Oil prices slip as traders weigh strong Mideast exports against Gulf tensions

Oil prices dipped on Tuesday, Business Recorder reported, as strong crude exports from the Middle East and an emergency stock release agreed by the G7 eased fears of supply shortfalls. By 0003 GMT, Brent futures had slipped 4 cents to $100.28 per barrel, while US West Texas Intermediate dropped by 11 cents, a 0.1% decline, landing at $89.33.

Tim Waterer, chief analyst at KCM Trade, said the market was little changed after the previous session's decline, with traders absorbing a slight easing in supply worries. Middle East crude shipments surpassed pre-war levels on four days in the last week of September, shipping data showed Monday, even as ships passing the Strait of Hormuz came under attack. Separately, G7 countries committed on Friday to draw down 100 million barrels of stored diesel and crude, and to avoid restricting energy shipments, following pressure from President Donald Trump.

Yemen's Houthis said on Monday they had attacked several Saudi locations, among them King Khalid International Airport in Riyadh, an Aramco refinery in Rabigh and Abha airport, though Saudi authorities had yet to confirm the claims. Because the fighting involves the biggest oil exporter in the area, supply worries persist, while US-Iran talks remain stalled.