Saudi Oil Flows Recover Amid Ongoing Houthi Attacks and Middle East Tensions

Oil prices slipped on Monday as investors assessed Saudi Arabia's recovery in export shipments despite ongoing attacks by Yemeni Houthis. Brent crude futures dropped 81 cents, or 0.78%, to $103.06 a barrel, while US West Texas Intermediate crude was at $99.41 a barrel, down 89 cents, or 0.89%. The Houthi attacks on Saudi Aramco's East-West pipeline have prompted the state energy firm to increase exports through the Strait of Hormuz this month and next.

Saudi oil flows are recovering after slumping to 2.4 million barrels per day in August, according to provisional data from analytics firm Kpler. The company's data indicates that Saudi oil moving through the Strait of Hormuz averaged 2.9 million bpd over the past six days, up from just 700,000 bpd in August.

China has asked Iran to help rein in the Houthis after an appeal to Beijing by Saudi Arabia following the attacks. The stalemate between Iran and the US continues amid new threats exchanged on Sunday.