Brent Crude Eases from 5-Month High
Brent crude fell 1.5% towards $108 a barrel on Monday, as traders took profits following a 5% rally last week that pushed prices to a five-month high. The market remains caught between escalating geopolitical risks and signs of recovering oil flows from the Middle East. Recent incidents include a Saudi helicopter crash near the Yemen border, Houthi attacks targeting the key export hub of Yanbu, and reports of two tankers being struck in the Persian Gulf. However, US Energy Secretary Chris Wright said regional oil flows had recovered to around 80% of pre-conflict levels. Meanwhile, President Donald Trump said Washington agreed to a diesel export deal with Russia and waived sanctions and tariffs on its energy shipments. Still, US lawmakers are seeking to block the purchases.
Brent crude fell 1.5% towards $108 a barrel on Monday, as traders took profits following a 5% rally last week that pushed prices to a five-month high. The market remains caught between escalating geopolitical risks and signs of recovering oil flows from the Middle East. Recent incidents include a Saudi helicopter crash near the Yemen border, Houthi attacks targeting the key export hub of Yanbu, and reports of two tankers being struck in the Persian Gulf. However, US Energy Secretary Chris Wright said regional oil flows had recovered to around 80% of pre-conflict levels.
Meanwhile, President Donald Trump said Washington agreed to a diesel export deal with Russia and waived sanctions and tariffs on its energy shipments. Still, US lawmakers are seeking to block the purchases.