Saudi Oil Exports Rebound Despite Ongoing Houthi Attacks

Oil prices took a hit on Monday as investors assessed the impact of Saudi Arabia's recovery in oil exports despite ongoing attacks by Yemen's Iran-backed Houthis. 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.

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 attacks by the Houthis prompted Saudi Aramco to increase exports through the Strait of Hormuz this month and next after halting some shipments via Yanbu.

Saudi oil moving through the Strait of Hormuz averaged 2.9 million barrels per day over the past six days, up from just 700,000 barrels per day in August. China has asked Iran to help rein in the Houthis after an appeal to Beijing by Saudi Arabia following the attacks.

The situation remains tense as Iran and the US exchanged new threats on Sunday amid the stalemate, although President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to be in New York this week for the United Nations General Assembly.