Oil prices stabilized after falling by about 2% on Monday, as an increase in Gulf exports and a cut in prices by Saudi Arabia signaled a market with more supply.

According to Bloomberg, Brent oil was traded with little change near $101 per barrel, and West Texas Intermediate was stabilized below $90.

Gulf producers are sending larger volumes of oil through the Strait of Hormuz, and more oil tankers are accepting the risk of transiting the waterway despite the threat.

Kuwait said its production is about 75% of pre-war levels, and Iraq is seeking to charter additional tankers for its shipments to transit Hormuz.

Aramco also cut the price of Arab Light oil for Asian buyers to the lowest level in six years to maintain its market share.