Oil prices edged lower early Tuesday as recovering crude flows from the Middle East Gulf eased supply concerns, while continued security risks across the region limited the decline.
International benchmark Brent crude futures for December delivery decreased 0.5% to $99.83 per barrel at 09.38 a.m. local time (0638 GMT), down from $100.32 at the previous close.
US benchmark West Texas Intermediate (WTI) crude futures for November delivery fell 0.7% to $88.77 per barrel from $89.43.
- Gulf oil flows recover despite Hormuz disruption
Iranian Parliament Speaker Mohammad Bagher Ghalibaf said Sunday that the Strait of Hormuz would not reopen until seven conditions under the Islamabad memorandum were fulfilled, according to state news agency IRNA.
However, data from maritime intelligence firm Kpler showed that oil continues to move through the strategic waterway and alternative export routes.
Kpler recorded at least 16.5 million barrels per day of non-Iranian crude and condensate exports from the Middle East Gulf region between Sept. 1 and 28, matching the region's pre-war average.
Around 60% of these volumes, or 9.9 million barrels per day, crossed the Strait of Hormuz, while 23% were loaded on the Gulf of Oman coast and 17% departed through the Red Sea.
Meanwhile, the G7's decision to release 100 million barrels of crude and diesel from emergency reserves has added to the downward pressure on prices.
G7 leaders on Friday agreed to immediately begin a coordinated release of 100 million barrels from emergency oil reserves over four months in response to surging prices and growing volatility in global energy markets.
- Attacks on Saudi targets limit downside
Yemen’s Houthi group claimed Monday evening that it had carried out three military operations targeting two airports, an oil facility and military sites across Saudi Arabia.
In a statement on the US social media platform X, Houthi spokesman Yahya Saree said the operations involved a large number of ballistic and cruise missiles and drones.
Saree said the first operation targeted King Khalid International Airport in the capital Riyadh, claiming it hit its target and disrupted air traffic. The second targeted a refinery of state oil company Aramco in Rabigh, in the Mecca region, he said, claiming the attack caused a fire at the facility.
The third operation targeted Abha Airport, the Khamis Mushait base, and Akfa camp in the southern Asir region, along with what Saree described as other “sensitive sites” in Najran and Jazan in southwestern Saudi Arabia.
The latest attacks came as talks between the United States and Iran remained stalled, keeping geopolitical risks elevated across the Gulf.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr
