Crude Oil Prices Remain Volatile, Hover Around $100 As G7 Reserve Release Eases Supply Fears, Houthi Attacks Raise Risks
· Free Press Journal
Oil prices remained volatile on Tuesday as steady crude exports from the Middle East and the G7's planned release from emergency reserves eased some supply concerns.
However, reported Houthi attacks on Saudi targets kept traders alert to potential disruptions in Gulf oil flows.
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G7 countries agreed on Friday to release 100 million barrels of crude and diesel from emergency stockpiles. The group also pledged not to impose restrictions on energy exports following pressure from US President Donald Trump.
Brent crude was trading at around $100.90 per barrel, up 0.62%, while US West Texas Intermediate crude traded slightly below the $90 mark. Prices were largely steady following Monday's decline.
Sensex Opens 126 Points Higher, Private Banks Lift Nifty Above 22,600Houthi attacks keep supply risks elevated
Concerns over Saudi Arabia, the region's largest oil exporter, persisted amid its conflict with Iran-backed Houthi forces in Yemen and a stalemate in US-Iran negotiations.
The Houthis said on Monday that they had targeted several locations in Saudi Arabia, including King Khalid International Airport in Riyadh, an Aramco refinery in Rabigh and Abha airport. Saudi Arabia did not immediately confirm the attacks.
The group also claimed it launched ballistic missiles and drones at Saudi Aramco facilities in Riyadh and Khurais. It described the strikes as retaliation for 50 Saudi-led air and missile attacks on Yemen over the previous 12 hours.
Analysts warn of further oil market risks
According to analysts, the eventual outcome of the conflict remained difficult to assess. The possibility of further supply disruptions continues to pose upside risks to crude prices.
Analysts argue that recent attacks demonstrated that disruptions affecting shipping could spread and become more severe, keeping geopolitical risks firmly in focus for global oil markets.