Oil: Brent Back to $100

Brent pared most of its early losses to trade around $100.1 a barrel on Tuesday, after falling to $97.8 earlier in the session as supply concerns resurfaced. A Saudi-led coalition said it had intercepted and destroyed a ballistic missile launched by the Houthis toward Khamis Mushait in Saudi Arabia, while reports indicated that Iran had stepped up attacks on tankers transiting the Strait of Hormuz in the past days. However, signs of improving supply flows continued to weigh on prices. Saudi Arabia’s Minister of Energy, Industry and Mineral Resources announced that the East-West oil pipeline had restored its crude pumping capacity to 5.8 million bpd. Meanwhile, G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged to refrain from imposing energy export restrictions. Despite these measures, the EIA projected Brent crude prices at $105 a barrel in Q4 2026, $14 higher than its previous forecast.