Saudi Exports Recover Amid Ongoing Houthi Attacks

Oil prices declined on Monday as investors assessed the recovery of Saudi Arabian exports despite ongoing attacks by Yemen's Iran-backed Houthis. The US and Iran remain in a stalemate, with both countries exchanging new threats.

The Brent crude futures dropped 81 cents, or 0.78%, to $103.06 a barrel at 0031 GMT after settling down 0.91% on Friday. Meanwhile, the 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 Houthis attacked 'sensitive' sites in Riyadh and an Aramco facility in Yanbu, prompting Saudi Arabia to increase exports through the Strait of Hormuz this month and next. This enabled exports from the OPEC kingpin to recover to just over 4 million barrels per day (bpd) so far in September after slumping to 2.4 million bpd in August.

JPMorgan analysts noted that Middle East oil flows remain surprisingly strong despite the disruption, with total oil flows averaging 17.1 million bpd in the past 10 days, just 6.1 million bpd below the 2025 average.