Oil gains as traders weigh Gulf tensions against strong Mideast exports

Business Recorder reported that oil prices edged higher on Tuesday. Brent crude was 27 cents, or 0.3%, higher at $100.59 a barrel by roughly 0330 GMT, while West Texas Intermediate added 30 cents to $89.73. Middle East tensions kept a risk premium in the market, though steady regional exports and a G7 reserve release limited the gains.

Gulf oil flows, excluding Iran, climbed above 81% of pre-war levels in September, driven by a rebound in Saudi exports even as attacks hit the kingdom's oil infrastructure. Iranian shipments fell to zero because of a US blockade. On Friday, G7 members agreed to draw 100 million barrels of diesel and crude from emergency stocks and pledged not to impose energy export curbs, after US President Donald Trump applied pressure.

Fighting between Saudi-backed Yemeni forces and the Houthis continues to raise worries about supply from the region's largest exporter, while US-Iran talks remain stalled. The Houthis claimed strikes on Saudi sites, including an Aramco refinery in Rabigh, though those claims could not be verified. Analysts said renewed tanker attacks near Hormuz and low inventories keep market participants doubtful that lower prices can last. Gulf to Asia freight rates have also reached record highs.