Oil Falls on Hopes for Saudi-Iran Conflict De-escalation
Crude oil fell to around $101.5 a barrel on Monday as Saudi Arabia’s defense minister held talks with Iranian leaders in Tehran to ease bilateral tensions. Prince Khalid bin Salman met with Iranian President Masoud Pezeshkian and Supreme National Security Council Secretary Mohsen Rezaei, alongside Pakistan’s army chief Asim Munir and Turkish intelligence chief Ibrahim Kalin. The talks came as Iran-aligned Houthi militants in Yemen repeatedly attacked Saudi Arabia in recent weeks. The ongoing hostilities have some investors worried about the risk of another major disruption to production, refining or export facilities. Meanwhile, the US authorized the release of up to 400,000 barrels from the Strategic Petroleum Reserve on Friday to address a supply disruption at a Louisiana refinery. However, prospects for additional US production remain uncertain, as companies remain reluctant to make major investments amid price volatility and geopolitical risks.
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Crude oil fell to around $101.5 a barrel on Monday as Saudi Arabia’s defense minister held talks with Iranian leaders in Tehran to ease bilateral tensions. Prince Khalid bin Salman met with Iranian President Masoud Pezeshkian and Supreme National Security Council Secretary Mohsen Rezaei, alongside Pakistan’s army chief Asim Munir and Turkish intelligence chief Ibrahim Kalin. The talks came as Iran-aligned Houthi militants in Yemen repeatedly attacked Saudi Arabia in recent weeks. The ongoing hostilities have some investors worried about the risk of another major disruption to production, refining or export facilities.
Meanwhile, the US authorized the release of up to 400,000 barrels from the Strategic Petroleum Reserve on Friday to address a supply disruption at a Louisiana refinery. However, prospects for additional US production remain uncertain, as companies remain reluctant to make major investments amid price volatility and geopolitical risks.