Oil Slips After Sharp Weekly Rise
Crude oil prices fell to around $101 per barrel on Monday but retained most of last week’s 10% surge, as escalating hostilities in the Middle East and Eastern Europe kept supply risks elevated. Clashes between Saudi Arabia and Iran-backed Houthi rebels showed little sign of abating, with a Saudi helicopter crashing near the border with Yemen and the Houthis targeting Yanbu, a key oil export hub. Three tankers were also damaged in the Strait of Hormuz over the weekend as Iran’s IRGC navy maintained that the waterway remained closed and vessels could pass only with its authorization. In Europe, Ukrainian attacks sparked fires at an oil export terminal and a storage depot in St. Petersburg on Sunday, as Kyiv launched more than 1,000 drones at Russia in one of the war’s largest aerial assaults. Meanwhile, US President Donald Trump said he had reached a diesel export agreement with Russia and postponed additional sanctions to avoid jeopardizing peace negotiations with Ukraine.
Story updates
Crude oil prices fell to around $101 per barrel on Monday but retained most of last week’s 10% surge, as escalating hostilities in the Middle East and Eastern Europe kept supply risks elevated. Clashes between Saudi Arabia and Iran-backed Houthi rebels showed little sign of abating, with a Saudi helicopter crashing near the border with Yemen and the Houthis targeting Yanbu, a key oil export hub. Three tankers were also damaged in the Strait of Hormuz over the weekend as Iran’s IRGC navy maintained that the waterway remained closed and vessels could pass only with its authorization.
In Europe, Ukrainian attacks sparked fires at an oil export terminal and a storage depot in St. Petersburg on Sunday, as Kyiv launched more than 1,000 drones at Russia in one of the war’s largest aerial assaults. Meanwhile, US President Donald Trump said he had reached a diesel export agreement with Russia and postponed additional sanctions to avoid jeopardizing peace negotiations with Ukraine.