WTI fell below $88 a barrel on Tuesday, its lowest level in a month, while Brent dropped below $98 as recovering Middle East exports and the planned reserve release eased supply concerns. The decline extended Monday’s losses, when WTI settled at $89.43 and Brent at $100.32.
The G7 agreement implements reserve commitments made in March over four months, with a substantial diesel release in the first 20 days. Fuel supplies remain tighter than crude supplies: JPMorgan estimated Middle East crude flows at 98% of prewar volumes, but refined product flows at only 58%, supporting higher finished fuel prices.