Oil prices found marginal relief on Monday as concerns over global energy supplies eased with more crude entering the market. Additional shipments from the Middle East, along with the Group of Seven’s decision to release oil from emergency reserves, helped offset concerns over possible further damage to energy infrastructure in the Gulf amid the Iran war.As of 7:15 am IST, Brent Crude was down 0.54% at $101.70 while WTI Crude fell 0.92% to $90.27.The G7 agreement to release 100 million barrels of diesel and crude from emergency stocks came last week, following pressure from US President Donald Trump. The countries also pledged not to impose energy export restrictions.The G7 move comes as Middle Eastern crude exports have already picked up. Shipping data showed that exports were above pre-war levels on four of the seven days in the final week of September, despite attacks on vessels travelling through the Strait of Hormuz.The market remains exposed to developments around the Gulf.The Houthis said they had launched ballistic missiles and drones at Saudi Aramco sites in Riyadh and the Khurais area of Saudi Arabia, saying the attacks were in response to 50 Saudi-led air and missile strikes in Yemen over the previous 12 hours.Yemen’s Saudi-backed, internationally recognised government said on Sunday that it was beginning a major military campaign to retake all areas of the country controlled by the Iran-backed Houthis.Aramco has also unexpectedly reduced its November crude oil prices for Asia to six-year lows, Reuters reported.Meanwhile, OPEC+ has postponed a review that was expected to determine oil output quotas for its members in 2027. Two sources close to the matter said the US-Israeli war on Iran had disrupted projects intended to expand production capacity across the Middle East, making estimates of future production potential uncertain.Developments in Europe are also shaping oil markets. Ukrainian President Volodymyr Zelenskyy told Reuters that Ukraine would step up attacks on Russian oil refineries.Brent had surrendered most of its gains from the previous week, while WTI was 1.6% lower after the G7 decision.As the Middle East conflict stretches beyond the seven-month mark, the oil market has remained volatile. However, while prices have continued to rise broadly, the latest gains remain well below the spike seen earlier in the conflict, when crude touched $126 per barrel.
