G7 Releases 100 Million Barrels of Crude, Pushing Brent to $101.70

Brent crude slid 0.54% to $101.70, while WTI fell 0.92% to $90.27 after the G7 announced a release of 100 million barrels. The decision, made last week under pressure from President Trump, came as Middle Eastern exporters pushed shipments above pre‑war levels on four of the seven days in September. Shipping data showed the Strait of Hormuz remained open despite attacks on vessels — a rare sign of resilience amid the Gulf flashpoint. The release also included diesel, with the G7 pledging no export restrictions.

Houthis fired missiles and drones at Saudi Aramco sites, claiming retaliation for 50 air and missile strikes in Yemen. Saudi Arabia announced a major offensive to retake Houthi‑controlled areas, tightening the security situation for crude flows. Amid the flare‑up, Aramco cut November Asian prices to six‑year lows, according to Reuters.

OPEC+ postponed its 2027 output review, citing uncertainty over future production due to the US‑Israeli war on Iran. The delay leaves global producers in limbo as markets await guidance on future quotas. The European Union clarified that no new export curbs would be imposed.

Analysts now focus on the upcoming OPEC+ meeting in October, where output policies will be decided. Prices could rally if members agree to higher quotas, but volatility will linger until geopolitical tensions ease.