Oil prices declined on Monday following a G7 agreement to release 100 million barrels from emergency reserves. Brent crude dropped 0.55% to $101.69, while West Texas Intermediate fell 1.04% to $90.16.
The 4-month release program, coordinated by the International Energy Agency, will prioritize diesel shipments within the first 20 days. This decision aims to stabilize energy supplies and mitigate price volatility.
Supply relief is also supported by increased tanker flows from the Middle East. Crude transits through the Strait of Hormuz reached a 7-day average of 13.5 million barrels per day in late September.
Despite the supply recovery, shipping intelligence firm Marisks reported at least 7 security incidents near the Strait of Hormuz. Additionally, the Houthis claimed attacks on Saudi Aramco facilities in Riyadh and Khurais.
Market data shows divergent trends for other assets. Bitcoin rose 1.55% to $86,254, and gold increased by 0.23% to $4,149.70 per ounce, while oil prices remain significantly higher on a year-over-year basis.
