Oil Prices Plummet Amid Ongoing Tensions
Oil prices plummeted on Monday as investors watched for signs of resumption in Saudi Arabia's oil shipments following Saturday's missile and drone attacks by Iran-backed Houthis, according to CNBC. The November Brent futures dropped by 1.66% to $102.15 per barrel, while October futures for U.S. WTI crude declined by 1.83% to $98.46 per barrel.
JPMorgan analysts noted that oil flows from the Middle East have remained surprisingly strong despite disruptions to Saudi Arabia's East-West pipeline. They estimated total flows averaged 17.1 million barrels per day over the previous ten days, which is 6.1 million barrels per day below the 2025 average.
Despite steady flows, potential supply risks remain in the market. U.S. President Donald Trump hinted at making decisions regarding the U.S. war with Iran, stating that 'very big things' could happen in the near future. Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, believes that oil prices will likely depend on the pace of export normalization and diplomatic progress.