Oil prices fall as G7 releases reserves and Middle East exports rise

Oil prices declined following an increase in Middle Eastern crude exports and a decision by G7 nations to release fuel from strategic reserves, market data shows, according to Report.

December Brent crude futures on London's ICE Futures exchange dropped by $0.73 (0.71%) to $101.52 per barrel.

November WTI crude futures on the New York Mercantile Exchange (NYMEX) decreased by $1.14 (1.25%) to $89.97 per barrel.

G7 member countries will release up to 100 million barrels of oil and diesel fuel from strategic reserves over the next four months, French President Emmanuel Macron announced on Friday.

Meanwhile, oil exports from the Middle East during four out of seven days in the last week of September exceeded levels recorded before the start of the US–Iran war, despite attacks on vessels passing through the Strait of Hormuz, according to data from Kpler. Regional crude exports reached between 19.5 million and 22.5 million barrels per day (bpd) during those days, compared to an average of 18 million bpd from March 2025 to February 2026.