Brent crude slipped toward $101 per barrel on Monday, surrendering part of last week’s advance as evidence of rising global supply outweighed persistent geopolitical tensions in the Middle East. On Friday, G7 nations agreed to release 100 million barrels of crude and diesel from emergency stockpiles and pledged not to impose new restrictions on energy exports. Over the weekend, key OPEC+ producers also decided to leave production quotas unchanged for next month, despite ongoing supply disruptions linked to the Middle East conflict.
At the same time, data showed that Persian Gulf crude exports surpassed pre-war levels on four of the seven days in the final week of September, even amid interruptions in the Strait of Hormuz and the continuing US–Iran standoff. In Yemen, Saudi-backed forces launched a large-scale military offensive to reclaim territory held by the Houthis, after weeks of mounting tensions between the Iran-aligned group and Saudi Arabia.
