SINGAPORE / RankWire.AI / – Oil prices steadied near $102 a barrel on Monday after Brent briefly climbed above $103 in early trading. At 0900 GMT, Brent crude futures were up 5 cents at $102.30 a barrel. U.S. West Texas Intermediate crude was down 49 cents, or 0.5%, at $90.62. Both contracts had fallen more than 1% earlier as stronger Middle East exports added supply while security risks remained across regional energy infrastructure.
Brent had reached $103.06 a barrel in early Asian trade, up 81 cents, or 0.79%. WTI had risen 46 cents, or 0.50%, to $91.57. The early gains followed a statement from Yemen’s Iran-backed Houthis that they launched ballistic missiles and drones at Saudi Aramco sites in Riyadh and Khurais. The statement renewed attention on Saudi oil infrastructure after a series of attacks affected energy facilities and commercial shipping routes across the region.
The Group of Seven countries also moved to increase available supply through emergency petroleum reserves. G7 governments agreed to release 100 million barrels of crude, diesel and other petroleum stocks through the International Energy Agency. The coordinated release will run over four months, with a significant share of diesel planned for the first 20 days. The action follows months of disruption to crude flows, refined fuel supplies and shipping routes across major Middle East energy corridors.
Middle East crude exports recover despite security risks
Middle East crude exports recovered strongly in September despite continuing security risks on important shipping routes. Kpler and Vortexa data showed regional crude exports averaging about 18.3 million barrels per day during the month. Flows reached about 18.6 million barrels per day on several days, exceeding levels recorded before the latest conflict. Saudi Arabia increased shipments through Gulf and Red Sea routes, while Iraqi tanker activity also strengthened during September as regional crude movements increased.
The Strait of Hormuz remains central to global energy trade even as regional export volumes recover. The waterway normally handles close to one-fifth of global crude oil and liquefied natural gas traffic. Commercial vessels have faced repeated attacks in waters around the Gulf and nearby shipping lanes during the recent regional conflict. Freight and insurance costs have also increased sharply, raising the expense of moving Middle East crude to major refining markets across Asia and other regions.
Saudi pricing and emergency stocks reshape oil trade
Saudi Aramco cut November crude prices for Asian customers while raising prices for northwest Europe and the Mediterranean. The company set its Arab Light grade for Asia at $5 a barrel below the Oman and Dubai benchmark average. That represented a $3 reduction from October and the widest discount for the grade since June 2020. Prices for heavier Saudi crude grades also fell for Asian buyers, while prices for customers in the United States remained unchanged.
Monday’s oil trading reflected the rebound in regional exports alongside continuing risks to production and shipping infrastructure. Brent remained above $100 at 0900 GMT despite the planned G7 stock release and stronger September crude shipments. WTI traded below $91 after surrendering its early advance. Global oil markets continued to absorb changes in emergency inventories, Saudi pricing, freight costs and Middle East crude flows while security conditions remained a major factor across key export corridors.