Oil slips as Mideast exports, G7 stockpile ease supply concerns

Oil prices slipped on Tuesday, according to Business Recorder, as Middle Eastern crude shipments held up well and a G7 emergency stock release calmed supply worries. Brent futures shed 83 cents, or 0.8 per cent, to $99.49 a barrel by around 0650 GMT, while West Texas Intermediate lost $1, or 1.1 per cent, to $88.43. Security concerns in the area, however, restricted how far prices could fall.

Shipping figures show regional crude exports topped pre-war volumes on a number of days in late September, but Phillip Nova's Priyanka Sachdeva said calling this a full return to normal supply is premature. She noted that rerouting and logistics changes have helped producers keep cargoes moving near Hormuz, yet tanker incidents have risen recently, keeping shipping costs, insurance and security risks high. ING analysts added that Gulf flows excluding Iran reached more than 81 per cent of pre-war output in September, led by a Saudi recovery, while Iranian exports dropped to zero under a US blockade.

On Friday, G7 nations agreed to free up 100 million barrels from emergency reserves and promised not to impose curbs on energy exports, at the urging of US President Donald Trump. Meanwhile, the Yemen conflict keeps the region's largest exporter in focus, as Houthi forces claimed strikes on Saudi airports and the Aramco plant at Rabigh, though neither claim could be verified immediately.