After recovering initial losses, oil prices remained stable on Tuesday as the market balanced supply fears over attacks by the Iran-backed Houthis in Yemen against increases in Middle Eastern crude exports and a planned Group of Seven release of emergency diesel and crude stocks. At 12.33 p.m. EDT (1633 GMT), Brent futures LCOc1 were down 29 cents, or 0.3%, at $100.03 a barrel, while US West Texas Intermediate (WTI) oil CLc1 increased 16 cents, or 0.2%, to $89.59.
As a result, Brent is expected to close at its lowest level since September 22.According to John Evans, an analyst at oil broker PVM, “the assumption of more crude getting through has dampened price fervour. The price of the global crude benchmark, Brent, is once again struggling around $100/barrel as its reasons for trading much beyond the psychological 3-digit mark are being eroded.” According to the state news agency IRNA, an explosion was heard on Tuesday nite from the direction of the sea close to Iran’s Qeshm island. No impact has been reported anywhere on the island thus far, according to IRNA’s correspondent, and local sources have not offered any other information regarding the explosion.
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