Oil Slips After G7 Agrees to Release 100 Million Barrels From Emergency Reserves

Key Summary

The G7 agreed to release 100 million barrels from emergency reserves, easing supply concerns. This move led to a 0.55% drop in Brent crude to $101.69 and a 1.04% decline in WTI to $90.16. The release is coordinated by the IEA and will be front-loaded into the first 20 days, with diesel releases expected to begin sooner. Crude exports from the Middle East have recovered, with shipments through the Strait of Hormuz reaching a 7-day average of 13.5 million barrels per day. Tanker attacks remain a threat to supply recovery, with at least 7 incidents logged near Hormuz.