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Oil drops as US market opens
Oil prices declined with the opening of the U.S. market, due to increased oil exports from the Middle East and withdrawals from oil reserves by the G7 countries. This eased concerns about damage to the Gulf's oil infrastructure amid the U.S.-Israeli war against Iran. Brent crude fell by 0.71%, reaching $101.59 per barrel, and West Texas Intermediate (WTI) dropped by 1.2% to $90.05, after the G7 nations released reserves to counter geopolitical tensions. Despite attacks on ships in the Strait of Hormuz, Gulf exports remained above pre-war levels, while OPEC+ postponed its review of production quotas for 2027, leaving future production capabilities uncertain.
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