Crude oil prices held steady on Tuesday, caught between rising Middle Eastern exports and growing risks for tankers navigating the Strait of Hormuz.

Global benchmark Brent crude settled near $101 a barrel, after falling as much as 3.3% during the session, while WTI crude was little changed around $89 a barrel.

Speaking at the Energy Intelligence Forum in London on Tuesday, several industry executives noted that oil shipments through the Strait of Hormuz have increased, but many also pointed out that the global supply buffer is narrowing.

Kuwait is currently producing about 75% of its pre-Iran war levels, while Iraq is seeking to charter more vessels to move oil through the Strait of Hormuz.

Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom is now pumping 5.8 million barrels per day through the East-West pipeline. Earlier, Saudi Aramco cut the price of its flagship Arab Light crude for Asian buyers to a six-year low in a bid to defend market share.

Vitol CEO Russell Hardy said that roughly 12 million barrels per day of crude have been shipped through the Strait of Hormuz over the past seven to 10 days. "A lot of [national oil companies] are trying to get these barrels out," he said. "As we go into winter, we need 10 million, 12 million, maybe 14 million barrels to go through that route to keep the market balanced, because there's no more inventory in the West to draw on."

Still, shipping risks persist. Iran has stepped up attacks on tankers in the Strait of Hormuz in recent weeks. The UK Maritime Trade Operations (UKMTO) has reported nine attacks in the Strait of Hormuz so far this month, equivalent to half the total number it reported across the Strait of Hormuz and the Persian Gulf for the whole of September.

Meanwhile, India condemned a fresh wave of attacks on commercial vessels in the Strait of Hormuz and the Black Sea that injured Indian crew members.

In Yemen, the Saudi-backed, internationally recognized government claimed to have recaptured territory from the Houthis. At the same time, fighting has intensified near the Bab el-Mandeb Strait, a key maritime route for Saudi exports. The Houthis said they fired missiles and drones at Saudi Arabia in response to overnight strikes, targeting Riyadh's main airport.

WTI November futures were little changed, settling at $89.44 a barrel. Brent December futures rose 0.3% to settle at $100.58 a barrel.