Oil prices declined Tuesday as stronger Middle Eastern export flows and the G7’s emergency reserve release eased supply concerns, Reuters reported.

At approximately 2:50 a.m. Eastern, Brent traded at US$99.49 a barrel and U.S. West Texas Intermediate at US$88.43. Both were lower on the day.

Security risks around regional shipping routes remained a concern. The reserve agreement is previously reported news; Tuesday’s price movement is the new development. These figures are a timed market snapshot, not current pump prices.

Sources: Reuters, October 6 · Image source

Oil tanker AbQaiq at an Iraqi terminal, June 2003 file photo: Andrew M. Meyers / U.S. Navy, public domain. Not current shipping activity.