SINGAPORE / RankWire.AI / – Oil prices remained close to $102 a barrel on Monday, after Brent briefly surpassed $103 in early trading. At 0900 GMT, Brent crude futures were up 5 cents at $102.30 a barrel. Meanwhile, U.S. West Texas Intermediate crude declined by 49 cents, or 0.5%, to $90.62. Both benchmarks had fallen more than 1% earlier, reflecting increased supply from Middle East exports and ongoing security concerns in regional energy infrastructure.
Brent briefly touched $103.06 a barrel during early Asian trading, rising 81 cents, or 0.79%. WTI increased by 46 cents, or 0.50%, reaching $91.57. These early gains followed Yemen’s Iran-backed Houthis claiming to have launched ballistic missiles and drones at Saudi Aramco sites in Riyadh and Khurais, renewing focus on Saudi oil infrastructure after recent attacks disrupted energy facilities and shipping routes across the region.
The G7 nations also moved to bolster supply by releasing emergency petroleum reserves. They agreed to release 100 million barrels of crude, diesel, and other petroleum stocks through the International Energy Agency, with the plan spanning four months. A sizable portion of diesel is scheduled for the first 20 days. This coordinated effort comes after months of interruptions to crude flows, refined fuel supplies, and shipping routes through key Middle East energy corridors.
Middle East Crude Exports Bounce Back Despite Ongoing Security Threats
Despite persistent security risks along vital shipping routes, Middle East crude exports rebounded strongly in September. Data from Kpler and Vortexa indicated regional crude shipments averaged around 18.3 million barrels per day during the month, with several days exceeding 18.6 million barrels—levels surpassing those before recent conflicts. Saudi Arabia increased exports through Gulf and Red Sea routes, while Iraqi tanker activity also picked up as regional crude movement rose in September.
The Strait of Hormuz remains crucial to global energy trade, handling nearly 20% of worldwide crude oil and liquefied natural gas shipments. During recent regional conflicts, ships in these waters faced repeated attacks, leading to higher freight and insurance costs—raising expenses for transporting Middle East crude to major Asian refineries and other markets.
Saudi Price Adjustments and Emergency Reserves Influence Oil Trade Dynamics
Saudi Aramco lowered November crude prices for Asian clients but increased prices for northwest Europe and the Mediterranean. The Arab Light grade was priced at $5 a barrel below the Oman and Dubai benchmark on average for Asia, representing a $3 decrease from October—the largest discount since June 2020. Heavier Saudi crude grades also saw price reductions for Asian buyers, while U.S. prices remained steady.
Monday’s trading reflected a combination of rising regional exports and ongoing risks to production and shipping infrastructure. Brent stayed above $100 at 0900 GMT despite the G7’s planned stock release and September’s stronger crude shipments. WTI traded below $91 after losing its early gains. The global oil market continues to adjust to changes in emergency inventories, Saudi pricing, freight costs, and Middle East crude flows, with security concerns remaining a key factor in major export corridors.