Oil slips as Middle East crude exports rise, G7 to release stocks

Oil prices declined on Monday as Brent crude futures dropped 66 cents, or 0.65%. The downward trend in pricing was driven by an increase in crude exports from the Middle East and a coordinated release of oil stocks by the Group of Seven (G7) nations, which collectively bolstered global supply levels.

These market factors effectively countered investor concerns regarding potential damage to Gulf oil infrastructure. The prevailing market anxiety stems from the ongoing military conflict involving the United States, Israel, and Iran, which had previously posed a risk to regional energy production and distribution stability.