Brent Crude Falls 1.66% as Saudi Oil Flows Remain Strong
Oil prices fell on Monday as traders continued to monitor the situation in Saudi Arabia, despite attacks by Iran-backed Houthis on Saturday. The Brent crude futures for November delivery dropped 1.66% to $102.15 a barrel, while U.S. West Texas Intermediate futures for October fell 1.83% to $98.46 per barrel.
The Middle East's oil flows have remained surprisingly strong despite the disruption to Saudi Arabia's East-West pipeline, according to JPMorgan analysts in a Sept. 18 note. The total oil flows averaged 17.1 million barrels per day in the past 10 days, 6.1 million bpd below the 2025 average.
However, potential supply issues continue to present themselves. U.S. President Donald Trump said he is in a 'deciding mode' and that 'very big things' are going to happen in the near future regarding the US-Iran war. Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, expects prices to remain closely tied to the pace of export normalization and diplomatic progress.