Oil Prices Fall from Six-Month High Despite Supply Concerns - Sarmad
US and Brent crude oil prices fell as Houthi attacks on Saudi Arabia continued, while the US Energy Department announced the release of strategic reserves.
Translated by Qiyas from سرمد — Original source
Oil prices fell on Monday, after surging to levels nearing a six-month high late last week, despite ongoing attacks on Saudi Arabia keeping supply concerns in the spotlight.
U.S. crude oil futures dropped $2.14, or 2.07 percent, to $101.13 per barrel by 0232 GMT. Brent crude futures fell $2.12, or 1.82 percent, to $114.60.
Prices had risen by about $3 at Friday’s settlement after Houthi attacks in Saudi Arabia sparked concerns about energy supplies. Brent crude ended the week up 6 percent, while West Texas Intermediate crude rose by 2.3 percent.
Attacks continued at the start of the week, with the Houthis announcing on Saturday that they had struck a Saudi airport and oil facilities. Saudi Arabia announced on Sunday that it had intercepted additional missiles and drones.
The country’s largest oil exporter partially reopened its main airport on Sunday following damage from a previous round of Houthi attacks, even as the armed group pledged to continue targeting the airport.
Saudi Arabia’s oil minister and his Singaporean counterpart said on Monday that Saudi Arabia would begin storing crude oil in Singapore starting in the second half of 2027, to bolster the resilience of its supply chain in the region.
In the United States, the Department of Energy announced on Friday that it authorized the release of 400,000 barrels from the Strategic Petroleum Reserve to address supply disruptions at a refinery in Louisiana.
