Brent Crude Retreats
Brent crude fell more than 2% toward $107 per barrel on Monday following last week’s strong rally, as investors balanced persistent geopolitical tensions against signs that Middle Eastern oil supplies were recovering toward pre-conflict levels. US Energy Secretary Chris Wright said Persian Gulf oil flows had rebounded to around 80% of their pre-war levels, although refined-product shipments remained constrained. US President Donald Trump also said he had reached a diesel export agreement with Russia and delayed additional sanctions to avoid undermining peace negotiations with Ukraine. Meanwhile, Ukrainian attacks sparked fires at an oil export terminal and a storage depot in St. Petersburg on Sunday. In the Middle East, clashes between Saudi Arabia and Iran-backed Houthi rebels continued with little sign of easing, while three tankers sustained damage in the Strait of Hormuz over the weekend.
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Brent crude fell more than 2% toward $107 per barrel on Monday following last week’s strong rally, as investors balanced persistent geopolitical tensions against signs that Middle Eastern oil supplies were recovering toward pre-conflict levels. US Energy Secretary Chris Wright said Persian Gulf oil flows had rebounded to around 80% of their pre-war levels, although refined-product shipments remained constrained. US President Donald Trump also said he had reached a diesel export agreement with Russia and delayed additional sanctions to avoid undermining peace negotiations with Ukraine.
Meanwhile, Ukrainian attacks sparked fires at an oil export terminal and a storage depot in St. Petersburg on Sunday. In the Middle East, clashes between Saudi Arabia and Iran-backed Houthi rebels continued with little sign of easing, while three tankers sustained damage in the Strait of Hormuz over the weekend.