LONDON: (News Desk) – Global oil prices declined on Monday after climbing to near six-month highs late last week, as investors weighed recent price gains against continued concerns over potential supply disruptions following attacks on Saudi Arabia.
US West Texas Intermediate (WTI) crude futures fell by $1.60, or 1.55 per cent, to $101.67 a barrel by 0018 GMT. Brent crude futures dropped $1.56, or 1.34 per cent, to $115.16 a barrel.
Both benchmarks had settled nearly $3 higher on Friday after Houthi attacks in Saudi Arabia heightened concerns about disruptions to global energy supplies. Brent ended the week up 6 per cent, while WTI recorded a weekly gain of 2.3 per cent.
Tensions continued over the weekend, with the Houthis claiming responsibility for attacks on a Saudi airport and oil facilities on Saturday. Saudi authorities said on Sunday that they had intercepted additional missiles and drones.
Saudi Arabia, the world’s largest oil exporter, partially resumed operations at its main airport on Sunday after damage caused during an earlier wave of Houthi attacks. The development came as the group vowed to continue targeting the facility.
The latest developments have kept energy markets on alert, with traders monitoring security risks in Saudi Arabia and the potential impact on oil production, transportation and global supply.
Comments are closed, but trackbacks and pingbacks are open.