Commodities
Oil Prices Surge Then Retreat on Saudi Pipeline Repairs and Trump's Iran Decision
Crude oil prices retreated from their highs on Monday after Saudi Arabia's pipeline repairs boosted output. The Brent crude futures benchmark climbed to $108.83 before settling at $105.28 per barrel, a gain of 96 cents. U.S. West Texas Intermediate futures added 19 cents to close at $92.60 after reaching $96.54 earlier in the session.
Riyadh has reportedly restored flows through the East-West pipeline to around 3.5 million barrels per day. This news comes as Trump rejects an Iranian proposal to reopen the Hormuz Strait, which has contributed to oil price volatility.