Oil prices fall: Brent settles at $100.32 as markets weigh higher Gulf exports, G7 supply boost

Oil prices fell in early Asian trading on Tuesday, with Brent crude hovering just above $100 a barrel as markets weighed improving Middle East oil flows against persistent security risks around the Strait of Hormuz.

Oil prices fell in early Asian trading on Tuesday, with Brent crude hovering just above $100 a barrel as markets weighed improving Middle East oil flows against persistent security risks around the Strait of Hormuz.

At about 8:30 am Tokyo time, West Texas Intermediate crude was quoted at $89.18 a barrel, down 25 cents, or 0.28%.

Brent crude, the global benchmark, stood at $100.30, down $1.93, or 1.89%. Abu Dhabi's Murban crude was at $109.10, down $1.73, or 1.56%.

The declines followed a weaker previous session as traders assessed signs that Middle Eastern producers are managing to maintain oil exports despite the continuing US-Israeli war with Iran and threats to shipping through Hormuz.

Reuters reported that Middle Eastern crude flows surged in the final week of September, with exports exceeding 18 million barrels per day on several days — above pre-war levels.

The market is also digesting the Group of Seven's plan to release 100 million barrels of crude and fuel from emergency reserves over four months, including a substantial diesel release during the first 20 days.

The move is intended to ease tight fuel markets and limit the impact of supply disruptions.

Saudi Arabia has meanwhile cut its November official selling prices for Asian buyers, with Arab Light offered at a discount of as much as $5 a barrel to regional benchmarks, another sign that producers are competing aggressively for market share despite elevated shipping costs.

Still, the oil market remains vulnerable to fresh shocks.

Tanker attacks and security incidents around the Strait of Hormuz continue to raise insurance, freight and routing costs.

Reuters noted that crude prices remain roughly 40% above pre-war levels, despite the recovery in regional exports, largely because of logistical constraints.

Market snapshot at 8:30 a.m. Tokyo:

WTI: $89.18 — down $0.25 (-0.28%)

Brent: $100.30 — down $1.93 (-1.89%)

Murban: $109.10 — down $1.73 (-1.56%)

Prices shown are market levels at the stated time and may differ from official settlement prices.