Oil slips but stays near six-month highs on Saudi attacks

Brent and US crude prices retreated on Monday after last week’s gains, but remained close to their highest levels in six months, Business Recorder reported. At 0959 GMT, Brent was down $1.90, or 1.63%, to $114.82 a barrel, while West Texas Intermediate fell $2.08, or 2%, to $101.19.

Markets were weighing diplomatic efforts to reduce US-Iran tensions against continued Houthi attacks in Saudi Arabia. The Houthis said they had targeted pumping stations on the East-West pipeline and Riyadh airport, while Saudi Arabia reported intercepting further missiles and drones. Brent had gained 6% over the previous week, and WTI rose 2.3%.

Disruptions to shipping through the Strait of Hormuz and Bab el-Mandeb remain part of the supply-risk picture. Saudi Arabia and Singapore said Saudi Aramco plans to begin storing crude in Singapore in the second half of 2027, while the International Energy Agency chief said energy markets would not return to pre-war conditions in 2027.