Oil slips but stays near six-month highs on Saudi attacks
USO•Oil prices fell on Monday but remained near six-month highs after last week’s gains, as hopes for de-escalation competed with continued attacks on Saudi Arabia. Brent was down 1.63% at $114.82 a barrel and WTI fell 2% to $101.19.
1. Prices pull back
Brent crude futures fell $1.90, or 1.63%, to $114.82 a barrel by 0959 GMT, while U.S. West Texas Intermediate crude futures dropped $2.08, or 2%, to $101.19. Brent had risen 6% last week and WTI gained 2.3%.
2. Tensions and mediation
Qatari mediators traveled to Tehran on Sunday to help de-escalate regional tensions, while officials from Saudi Arabia, Turkey and Pakistan were set to meet Iran’s leaders on Monday. The Houthis said they had struck Saudi pumping stations on the East-West crude pipeline and Riyadh airport over the weekend; Saudi Arabia said it intercepted more missiles and drones.
3. Supply concerns persist
Saudi Aramco plans to start storing crude in Singapore in the second half of 2027 to strengthen its regional supply chain. International Energy Agency head Fatih Birol said he did not expect energy markets in 2027 to return to their pre-war position.
