Oil prices stable as market weighs supply risks, rising Middle East exports

Key Points:

• Oil prices remained steady on Tuesday after earlier losses, with Brent crude near $100 a barrel and US WTI slightly higher, as the market balanced increased Middle Eastern exports against supply risks from Houthi attacks in Yemen.
• Approximately 12 million barrels per day of crude and 2 million barrels per day of refined products have recently left the Middle East, easing some price pressures, according to Vitol's CEO and Saudi energy officials.
• Supply concerns persist due to escalated hostilities between Saudi Arabia and Iran-backed Houthis, including recent missile and drone attacks on Saudi infrastructure and ongoing military offensives.
• The Group of Seven major economies plan to release 100 million barrels of diesel and crude oil from emergency reserves to address global fuel shortages and high prices, though details on the breakdown and participating countries remain unclear.
• The US Energy Information Administration projects a temporary decline in world petroleum production and demand in 2026 due to Middle East disruptions, with a rebound to record highs expected by 2027; US crude inventories are also being closely monitored for signs of supply changes.