Oil prices edged lower on Monday as rising Middle Eastern crude exports and a planned release of emergency oil stocks by the Group of Seven (G7) eased immediate supply concerns, despite continued geopolitical risks in the Gulf.
Brent crude futures fell 66 cents, or 0.65%, to $101.59 a barrel, while US West Texas Intermediate (WTI) crude dropped 95 cents, or 1.03%, to $90.12 a barrel at 0240 GMT.
The decline followed a G7 agreement on Friday to release 100 million barrels of crude and diesel from emergency reserves and avoid energy export restrictions.
The additional supply comes as Middle Eastern crude exports rose above pre-war levels on four of the seven days in the final week of September, according to shipping data, despite attacks on vessels transiting the Strait of Hormuz.
Analysts say the increased exports and G7 reserve release have reduced immediate fears of a supply shortage. However, risks remain as attacks on commercial vessels and threats to energy infrastructure across the Gulf continue.
Brent remains above $100 a barrel, with the ongoing US-Israeli war on Iran and wider regional tensions keeping pressure on global oil markets.