Oil Prices Hold Steady Amid Ongoing Middle East Tensions
Oil prices remained steady on Monday as investors assessed the impact of ongoing attacks in the Middle East, despite escalating tensions between the US and Iran.
The Brent crude futures price dropped by 81 cents to $103.06 a barrel at 0031 GMT, following a 0.91% decline on Friday. The US West Texas Intermediate crude price fell to $99.41 a barrel, down 89 cents or 0.89%, after a 1.58% loss in the previous session.
The attacks by Yemen's Iran-backed Houthis against Saudi Aramco facilities have prompted the state energy firm to increase exports through the Strait of Hormuz this month and next, enabling oil flows from Saudi Arabia to recover to just over four million barrels per day (bpd) so far in September.
Analysts at JPMorgan noted that Middle East oil flows remain strong despite disruptions, with total oil flows averaging 17.1 million bpd in the past 10 days, just 6.1 million bpd below the 2025 average.