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Oil prices fell in volatile Monday trading as recovering Middle East crude exports, a G7 emergency reserve release and renewed fighting in Yemen eased some concerns over global supply disruptions.
Brent crude futures for December dropped 2.2% to $99.99 a barrel at 14:54 ET, while November U.S. West Texas Intermediate crude futures declined 0.5% to $88.95.
Oil markets have been closely monitoring Yemen after Iran-backed Houthis seized territory near the Bab el-Mandeb Strait, a crucial shipping route connecting the Red Sea with the Gulf of Aden.
Yemen's Saudi-backed government launched "Dawn of Yemen" on Monday in an attempt to regain control of the area. Government forces, supported by Saudi air strikes, captured key positions, including an airport in the Dhubab district near the strait, before advancing toward Mocha.
Supply fears had intensified after Houthi drone attacks targeted Saudi energy infrastructure last month, temporarily shutting the kingdom's East-West Pipeline.
However, Middle East crude exports have been recovering. Kpler data showed shipments reached at least 16.5 million barrels per day in September, returning to levels seen before the Iran war. About 40% of regional crude exports are now avoiding the Strait of Hormuz, compared with 17% before the conflict.
TankerTrackers.com separately estimated exports averaged 18.13 million barrels per day from September 25 through October 1, only 3.2% below pre-war levels.
Despite improving flows, Saudi Aramco CEO Amin Nasser warned that global oil inventories remain "scarily thin" and said pressure could persist until the Strait of Hormuz fully reopens. Aramco also cut its November Arab Light selling price to Asia by $3 per barrel, putting it at a $5 discount to the Oman-Dubai benchmark.
The G7 further eased supply concerns by agreeing Friday to release 100 million barrels of crude and fuel products from emergency reserves, including significant diesel supplies within 20 days.
Meanwhile, OPEC and its allies kept November oil production targets unchanged and scheduled their next meeting for November 1.
