Oil Prices Little Changed In Volatile Trade

(RTTNews) - Oil prices edged up slightly in volatile trade on Monday as investors weighed news of a planned release of emergency oil and diesel stocks by the Group of seven countries against renewed attacks around the Strait of Hormuz.

Brent crude futures were up 0.4 percent at $102.64 a barrel after gaining almost 5 percent last week. WTI crude futures were down 0.3 percent at $90.82 a barrel.

Saudi-backed forces in Yemen have reportedly launched a full-scale military operation to retake areas controlled by the Houthis, an Iran-backed group.

Yemen's government forces said Sunday they had struck Houthi targets in the capital Sanaa and Taiz in the southwest, deepening the conflict ravaging one of the world's poorest nations and the wider region.

The Houthis seized control of Bab el-Mandeb, a strategic chokepoint between the Red Sea and the Gulf of Aden. Saudi Arabia had been using this route to export oil while avoiding the Strait of Hormuz.

As the war involving Iran continues to disrupt supplies from several major producers, major OPEC+ members agreed over the weekend to leave production quotas unchanged next month.

OPEC+ had gradually increased quotas during the six months through August, reversing some of the production cuts introduced in 2023.

Meanwhile, to address energy supply concerns, the G7 group of nations and the International Agency (IEA) have agreed to release 100 million barrels of diesel and other reserves over the next four months.

According to the IEA, member countries had so far released 325 million barrels of oil and oil-derivative products from strategic reserves, out of 400 million barrels promised in March.