Archive · 6 Oct 2026
Oil Holds Near $100 as Reserve Release Eases Supply Fears
Oil prices moved up and down but stayed close to $100 a barrel for a type of oil called Brent.
Countries in the G7 agreed to release oil and diesel from emergency supplies, which helped calm fears about shortages.
Oil continued to flow from the Middle East.
The Houthis said they attacked several places in Saudi Arabia, including airports and oil facilities.
Saudi Arabia had not immediately confirmed the reported attacks.
The attacks raised concerns that ships carrying oil could face problems.
Analysts said it is still hard to know how the conflict will develop.
If oil supplies are disrupted, prices could rise.
Brent crude traded around $100.90 per barrel, up 0.62%, while U.S. West Texas Intermediate remained just below $90.
Oil prices were volatile but broadly steady after falling on Monday, as Middle East exports continued.
G7 countries agreed to release 100 million barrels of crude and diesel from emergency stockpiles.
The Houthis claimed attacks on locations in Saudi Arabia, including airports and Aramco facilities; Saudi Arabia had not immediately confirmed them.
Analysts said possible shipping disruptions and uncertainty over the conflict could pose further upside risks to oil prices.
- Who
- G7 countries, oil traders, analysts, and the Houthis; Saudi Arabia was named as the target of claimed attacks.
- What
- Oil prices remained volatile near $100 per barrel as a planned G7 reserve release eased supply concerns while reported Houthi attacks raised disruption risks.
- When
- Tuesday; the G7 agreement was made on Friday, and the Houthis said the attacks occurred on Monday.
- Where
- Global oil markets, with reported attacks in Saudi Arabia and the wider Gulf region.
- Why
- The reserve release and continued Middle East exports eased supply fears, while possible escalation and shipping disruption risks supported market concerns.
Factors easing supply concerns
Factors sustaining supply risks
Oil availability
Factors easing supply concerns
Steady Middle East crude exports and the G7's planned release of 100 million barrels of crude and diesel eased some supply concerns.
Factors sustaining supply risks
Analysts warned that attacks could disrupt shipping and that further supply disruptions could push crude prices higher.
Reported attacks
Factors easing supply concerns
Saudi Arabia had not immediately confirmed the Houthi claims, and the outcome of the conflict remained uncertain.
Factors sustaining supply risks
The Houthis said they targeted Saudi airports and Aramco facilities, raising concern about risks to Gulf oil flows.
- Brent crude
- Around $100.90 per barrel, up 0.62% on Tuesday.
- West Texas Intermediate
- Traded slightly below $90 per barrel.
- G7 reserve release
- 100 million barrels of crude and diesel from emergency stockpiles.
- G7 export pledge
- The group pledged not to impose restrictions on energy exports.
- Claimed targets
- The Houthis named King Khalid International Airport, an Aramco refinery in Rabigh, Abha airport, and Aramco facilities in Riyadh and Khurais.
- Saudi response
- Saudi Arabia had not immediately confirmed the reported attacks.