NEW YORK: Oil prices lost about $2 on Monday after crude exports from the Mid­dle East increased and the Group of Seven nations pledged to boost supplies, though selling was limited by ongoing disruption fears linked to the US war with Iran.

Brent crude futures settled $1.93, or 1.89pc, lower at $100.32 a barrel, while US West Texas Intermediate crude lost $1.68, or 1.84pc, at $89.43.

Middle Eastern crude exports rose above pre-war levels in four of the seven days of the final week of September, shipping data showed on Monday, despite attacks on vessels passing through the Strait of Hormuz. “Although tankers are still at risk, the ho­pe is that at the end of the day more oil re­a­ches the market,” said Andrew Lipow, president of Lipow Oil Associates.

Published in Dawn, October 6th, 2026