Oil prices edged lower on Monday, October 5, 2026, as rising Middle East crude exports boosted supplies amid the United States-Israeli war on Iran.
Brent crude futures fell 66 cents, or 0.65%, to $101.59 a barrel at 0240 GMT, while US West Texas Intermediate crude was at $90.12 a barrel, down 95 cents, or 1.03%.
Brent gave up most of its gains last week while WTI was 1.6% lower after G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged to refrain from energy export restrictions after pressure from US President Donald Trump.
Shipping data showed on Monday that the release will add to Middle Eastern crude exports which rose above pre-war levels in four of the seven days of the final week of September, despite attacks on vessels passing through the Strait of Hormuz.
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The chief analyst at KCM Trade, Tim Waterer, told Reuters: said: “The G7 decision to tap strategic reserves is taking some of the immediate supply anxiety out of the price, while there’s a growing view that Saudi export volumes are moving back toward pre-war levels, even if those barrels are still moving at higher cost and via less efficient routes.
“That combination is enough to subdue prices for now even though the risks of further damage to energy infrastructure around the Gulf region haven’t gone away.”
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