WASHINGTON (dpa-AFX) - Crude oil prices have moved sharply lower during trading on Monday, adding to the steep drop seen during last Friday's session.
After tumbling $1.76 or 1.9 percent to $91.11 a barrel in the previous session, crude for November delivery is slumping $1.21 or 1.3 percent to $89.90 a barrel.
The continued decrease by the price of crude oil comes amid indications exports from the Middle East are returning to pre-war levels despite the ongoing conflict between the U.S. and Iran.
Last week's news that the Group of Seven nations plan to release diesel and crude reserves also continues to weigh on crude oil prices.
A joint statement from the G7 leaders said they have agreed to release 100 million barrels of diesel and other reserves through the International Energy Agency.
The G7, which includes France, Canada, Germany, Italy, Japan, the U.K and the U.K., said the release would include a frontloaded substantial diesel release within the first 20 days.
Meanwhile, Saudi-backed forces in Yemen have reportedly launched a full-scale military operation to retake areas controlled by the Iran-backed Houthis.
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.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
