Oil slips $2 a barrel but stays near six-month highs on Saudi attacks

Oil benchmarks retreated on Monday as traders weighed hopes for US-Iran de-escalation against continued attacks on Saudi infrastructure. By 10:37 a.m. ET, Brent was at $114.70 a barrel, down $2.03, or 1.7%, while US West Texas Intermediate stood at $100.71, lower by $2.60, or 2.5%, Business Recorder reported.

Despite the day's decline, both grades remained close to six-month highs after gains the previous week: Brent advanced 6% and WTI rose 2.3%. Houthi attacks on Saudi pipeline facilities and Riyadh airport continued alongside diplomatic efforts, while disruption to shipping through the Strait of Hormuz and Bab el-Mandeb remained a concern. Saudi Arabia and Singapore also said state-owned Saudi Aramco plans to begin storing crude in Singapore in the second half of 2027.