Oil dips below $100 as Gulf exports and G7 reserves release ease supply fears

Brent crude fell below $100 a barrel Tuesday as Gulf export flows and a G7 reserve release tempered supply fears despite renewed Houthi attacks.

• Brent crude fell 0.75% to $99.57 a barrel and US WTI dropped 1.2% to $88.37 in Asian trading Tuesday.
• The G7 agreed Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged no export restrictions, after pressure from President Donald Trump.
• Shipping data showed Middle East crude exports exceeded pre-war levels on four days in the last week of September.
• The Houthis said they carried out three operations in Saudi Arabia, targeting King Khalid International Airport, an Aramco refinery in Rabigh, and Abha International Airport; Riyadh has not confirmed.
• Vortexa data showed Gulf oil flows, excluding Iran, recovered to over 81% of pre-war levels in September, averaging 19.2 million barrels daily.
• Saudi shipments rose about 4.2 million barrels per day month-on-month to 6.6 million, while Iranian exports fell to zero under the US blockade.
• Saudi Energy Minister Prince Abdulaziz bin Salman said 5.8 million barrels daily flow through the East-West pipeline to the Yanbu export terminal on the Red Sea.
• Aramco's chief executive said Brent prices could have reached $200 per barrel without the East-West pipeline.
• The Wall Street Journal reported that a single shuttle-run transit through the Strait of Hormuz can cost up to $40 million, with producers paying up to $20 per barrel plus insurance.
• The Journal said seven ships have been targeted in the Strait of Hormuz since September 28.
• Brent crude fell 1.44% to $98.90 a barrel and US WTI dropped 1.6% to $87.97.
• Brent fell $1.70 to $98.62 a barrel and WTI dropped $1.83 to $87.60, a decline of more than 2% on Tuesday.