Oil Prices Plunge Amid Saudi Disruptions
Oil prices declined on Monday as traders monitored developments in Saudi Arabia following missile and drone attacks by Iran-backed Houthi forces. The ongoing US-Iran conflict has created uncertainty in global crude supplies and shipping routes.
The international benchmark Brent crude for November delivery fell 1.66% to $102.15 a barrel, while US West Texas Intermediate (WTI) crude for October delivery declined 1.83% to $98.46 per barrel.
Despite continued concerns over Middle East supply disruptions, traders are assessing whether oil shipments from Saudi Arabia can gradually recover.
JPMorgan analysts noted that oil flows from the region have remained relatively strong despite disruption to Saudi Arabia's East-West pipeline, averaging 17.1 million barrels per day over the previous 10 days.