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Oil Prices Steady Near $100 as West Asian Exports Rise and Saudi Aramco Cuts Prices
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CNBC TV18•06-10-2026, 06:44
Oil Prices Steady Near $100 as West Asian Exports Rise and Saudi Aramco Cuts Prices
- •Oil prices held steady after dropping nearly 2 percent due to rising West Asian exports and a price cut by Saudi Aramco.
- •Brent crude traded at $100.55 in early Asian trade while West Texas Intermediate held above $89.
- •Gulf producers increased volumes through the Strait of Hormuz, easing supply concerns.
- •Saudi Aramco reduced the price of its flagship Arab Light grade for Asian buyers to a six-year low.
- •Yemeni forces captured the Red Sea port of Mocha from the Houthis, securing areas near the Bab Al Mandeb Strait.
Key Questions Answered
Oil prices held steady after a nearly 2% drop on Monday because rising West Asian exports and a price cut by Saudi Aramco signaled that the market was loosening. Gulf producers pushed larger volumes through the Strait of Hormuz, and more tankers risked the contested waterway.
Saudi Aramco cut the price of its flagship Arab Light grade for Asian buyers to a six-year low in a move to defend its market share. This added further downward pressure on global oil prices.
Yemeni forces, backed by a Saudi-led coalition, captured the Red Sea port of Mocha from the Iran-backed Houthis on Monday, October 5, 2026. Troops also took Dhubab and other areas near the Bab Al Mandeb Strait as part of a full-scale government campaign.
