Oil prices edged lower on Monday as rising West Asia crude exports and a planned release of oil stocks by Group of Seven nations increased available supplies. The additional supply offset concerns about further damage to Gulf energy infrastructure amid the US-Israeli war on Iran.

Brent crude futures fell 66 cents, or 0.65 per cent, to $101.59 a barrel at 0240 GMT. US West Texas Intermediate crude was at $90.12 a barrel, down 95 cents, or 1.03 per cent. Brent surrendered most of its gains from the previous week, while WTI ended 1.6 per cent lower.

G7 countries agreed on Friday to release 100 mn barrels of diesel and crude from emergency reserves. They also pledged to avoid energy export restrictions after pressure from US President Donald Trump. The release is expected to add to West Asian crude exports, which rose above pre-war levels on four of the seven days in the final week of September, according to shipping data.

The increase occurred despite attacks on vessels passing through the Strait of Hormuz. The Houthis said they had launched ballistic missiles and drones at Saudi Aramco sites in Riyadh and the Khurais area of Saudi Arabia, following 50 Saudi-led air and missile strikes in Yemen over 12 hours. Saudi Arabia did not confirm the reported attacks.

Yemen’s Saudi-backed, internationally recognised government said on Sunday that it was beginning a major campaign to recapture areas controlled by the Iran-backed Houthis. Aramco has also cut November crude prices for Asia to a six-year low, while Brent remains above $100 a barrel because of geopolitical tensions and attacks on commercial vessels in the Gulf.

Opec+ has delayed a review that would determine 2027 oil output quotas after the conflict disrupted capacity expansion projects across West Asia, leaving future production estimates uncertain. In Europe, Ukrainian President Volodymyr Zelenskiy said Ukraine would intensify attacks on Russian oil refineries, according to remarks published by Reuters.