Brent Crude Oil Today, October 6: Brent crude oil prices were little changed on Tuesday, trading near the $100 a barrel mark, as rising Middle East crude exports and the planned release of oil stocks by Group of Seven nations eased immediate supply concerns.
The gains were offset by fears of further damage to Gulf energy infrastructure as the US-Israeli war on Iran continues.
Brent crude oil was last trading flat at $100.35 a barrel.
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Meanwhile, oil prices fell on Monday as higher Middle East crude exports and the G7's decision to release oil stocks helped offset concerns over potential disruptions to Gulf energy supplies.
Brent crude futures fell 1.9% to settle at $100.32 a barrel, while US West Texas Intermediate crude settled 1.8% lower at $89.43 a barrel.
Brent gave up most of its gains from the previous week, while WTI ended 1.6% lower after G7 nations agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves. The countries also pledged to refrain from imposing energy export restrictions following pressure from US President Donald Trump.
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Middle East Oil Exports Rise
The planned release of strategic reserves comes as Middle Eastern crude exports have already started increasing.
Shipping data showed that regional crude exports rose above pre-war levels on four of the seven days in the final week of September, despite attacks on vessels passing through the Strait of Hormuz.
ICE gasoil futures rose more than 2% on Monday to $1,390.25 a barrel.
Brent Crude Oil: Gulf Supply Risks Remain
Supply concerns have not disappeared, however. The Houthis said they launched ballistic missiles and drones at Saudi Aramco sites in Riyadh and the Khurais area of Saudi Arabia in response to 50 Saudi-led air and missile strikes in Yemen over the previous 12 hours.
There was no immediate confirmation from Saudi Arabia.
On Sunday, Yemen's Saudi-backed, internationally recognised government said it was launching a major military campaign to recapture areas of the country controlled by the Iran-backed Houthis.
Meanwhile, Saudi Aramco unexpectedly cut its November crude oil prices for Asia to six-year lows.
OPEC+ Delays 2027 Oil Output Review
OPEC+ has also delayed a review that would determine 2027 oil output quotas for its members, according to two sources familiar with the matter.
The Iran war has disrupted projects aimed at expanding production capacity across the Middle East, creating greater uncertainty around estimates of future oil supply potential.
Ukraine Targets Russian Oil Infrastructure
In Europe, Ukrainian President Volodymyr Zelenskiy told Reuters that Ukraine plans to step up attacks on Russian oil refineries.
The developments add another layer of uncertainty to the global oil market, with geopolitical risks across the Middle East and Europe continuing to influence crude prices.
For now, rising Middle East exports and the G7's emergency oil release are providing some relief to global supply concerns, keeping Brent crude prices close to the $100 a barrel level even as risks to Gulf energy infrastructure remain elevated.
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