Oil slips below $89 as G7 reserves offset Middle East risks

Crude oil slipped below $89 per barrel on Tuesday as steady Middle Eastern exports and the planned release of 100 million barrels from G7 emergency reserves eased immediate supply concerns. However, continued Houthi attacks on Saudi targets, including key oil infrastructure, kept Gulf supply risks firmly on traders? radar amid a stalemate in US-Iran talks. The G7 also pledged not to restrict energy exports, further calming fears of a broader supply squeeze. In India, MCX October crude futures fell 1% to ₹8,570 per barrel, while markets now await the US EIA?s Short-Term Energy Outlook for fresh signals on the energy market.

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