Oil Prices Slide Amid Ongoing Tensions Between US, Iran, and Saudi Arabia
Oil prices declined on Monday as investors assessed the recovery in Saudi Arabia's oil exports despite ongoing attacks by Yemen's Iran-backed Houthi rebels. Brent crude futures dropped 81 cents, or 0.78%, to $103.06 a barrel at 0031 GMT after settling down 0.91% on Friday.
US West Texas Intermediate crude was at $99.41 a barrel, down 89 cents, or 0.89%, following a 1.58% loss in the previous session. The Houthi attacks on Saudi Arabia's East-West pipeline have prompted state energy firm Aramco to increase exports through the Strait of Hormuz this month and next.
Saudi oil flows averaged 2.9 million barrels per day over the past six days, up from just 700,000 bpd in August, according to satellite data. China has asked Iran to help rein in the Houthi rebels after an appeal to Beijing by Saudi Arabia following the attacks.