Oil prices declined in the market!
Brent crude oil futures fell by 4 cents to $100.28 a barrel, while U.S. WTI crude declined 0.1% to $89.33.
Oil prices fell on Tuesday as crude oil exports from the Middle East continued and G7 countries decided to release oil and diesel from strategic reserves. Brent crude futures fell by 4 cents to $100.28 a barrel, while U.S. WTI crude declined 0.1% to $89.33. Analysts say the increase in Saudi Arabia’s oil exports and the G7’s decision to release 100 million barrels of fuel reserves onto the market have eased supply concerns. Shipping data also shows that oil flows from the Middle East have exceeded pre-war levels.
However, geopolitical risks in the region remain. Attacks by Iran-backed Houthi rebels in Yemen on airports and Aramco facilities in Saudi Arabia have raised new concerns over oil supplies. While the Houthis claimed responsibility for the attacks, Saudi Arabia has not officially confirmed them. There has also been no progress so far in talks between the United States and Iran.