Oil Prices Plummet Amid Saudi Supply Recovery and US-Iran Tensions
Oil prices have taken a hit on Monday as markets monitor the recovery of Saudi Arabia's oil shipments following missile and drone attacks by Iran-backed Houthis over the weekend.
The Brent crude futures price has fallen by 1.91% to $101.89 per barrel, while West Texas Intermediate (WTI) crude futures is down by $1.78 or 1.85% to $94.30 per barrel, according to data from Mettis Global.
Despite disruptions to Saudi Arabia's East-West pipeline, oil flows from the Middle East have remained relatively resilient, averaging 17.1 million barrels per day over the past 10 days, down 6.1 million bpd from the 2025 average, according to JPMorgan analysts.
However, market concerns remain elevated due to uncertainty surrounding the U.S.-Iran conflict. U.S. President Donald Trump has stated that he is in a 'deciding mode' and that 'very big things' will happen soon regarding the conflict, warning, 'My question is, if and when do I blow the entire nation up? They better behave.'