Brent crude returns to around $100 as Hormuz shipping risks persist

Brent crude traded around $100 per barrel on Tuesday as shipping risks in the Strait of Hormuz remained in focus, while signs of recovering Middle Eastern exports weighed on prices.

Brent was trading at $100.06 per barrel, down 0.25% as of 1635GMT, while the US benchmark West Texas Intermediate (WTI) rose 0.2% to $89.60.

Oil prices initially fell on Tuesday amid signs that Middle Eastern crude exports were recovering.

The UK Maritime Trade Operations has issued fresh attack warnings involving vessels in the Strait of Hormuz, underscoring continuing risks to energy shipments through the strategic waterway.

Meanwhile, G7 countries agreed to implement a coordinated release of 100 million barrels through the International Energy Agency over four months, including substantial diesel releases within the first 20 days.

The group also pledged to refrain from energy export restrictions between member countries.

Seven OPEC+ producers agreed on Sunday to maintain their September production levels for November. Their next meeting is scheduled for Nov. 1.