Oil slips as traders weigh strong West Asian exports against Gulf tensions

Oil prices down on Tuesday as resilient West Asian crude exports and a G7 emergency stockpile release ​eased supply concerns, though attacks by Yemen's Houthis on ​Saudi targets kept traders wary of risks to Gulf supplies.

Brent ‌crude futures lost 4 cents to $100.28 a barrel by 0003 GMT, while US West Texas Intermediate crude futures fell 11 cents, or 0.1%, to $89.33 a barrel.

"Oil is little changed after yesterday's decline as traders continue to digest a modest easing in supply-side anxiety," said KCM Trade chief analyst Tim Waterer.

"The pickup in Saudi export numbers and the G7 decision to release strategic reserves are helping keep a lid on prices for now, even while Brent remains anchored around the $100 ‌level," he said.

 

Crude exports from the West Asia exceeded pre-war levels on four days during the last week of September, shipping data showed on Monday, underscoring the resilience of regional oil flows despite attacks on ships passing through the Strait of Hormuz.

Further easing supply concerns, G7 countries agreed on Friday to release 100 million barrels of diesel and crude ​from emergency reserves and pledged to refrain from energy export restrictions after pressure from ‌US President Donald Trump.

However, the conflict between Saudi Arabia and Iran-backed Houthi forces in Yemen continued to fuel concerns over potential disruptions ​to ‌supply from the region's largest oil exporter amid a stalemate in US-Iran talks.

Yemen's ‌Houthis said on Monday they had carried out attacks on several sites in Saudi Arabia, including King Khalid International Airport in Riyadh, an ‌Aramco ​refinery in Rabigh ​and Abha airport. There was no immediate Saudi confirmation.

Without a clear diplomatic breakthrough or a further material improvement in export efficiency, ‌the floor under ​prices looks reasonably firm, Waterer said.