SINGAPORE: Global crude oil prices declined on Monday as hopes of easing tensions between the United States and Iran eased some concerns in the market. However, continued attacks on Saudi Arabia’s oil infrastructure and other key targets kept concerns over global energy supplies alive.
US West Texas Intermediate (WTI) crude futures fell by $2.23, or 2.16%, to $101.04 per barrel. Meanwhile, Brent crude futures dropped by $2.21, or 1.89%, to $114.51 per barrel.
The prices were recorded at 0426 GMT on Monday.
The decline followed a sharp rally last week, when crude oil prices climbed close to six-month highs amid growing concerns over potential disruptions to global energy supplies.
On Friday, oil prices settled nearly $3 per barrel higher following Houthi attacks in Saudi Arabia, which heightened concerns about the security of energy infrastructure and the stability of oil supplies.
Brent crude ended the previous week 6% higher, while US WTI posted a weekly gain of 2.3%.
Despite Monday’s decline, uncertainty surrounding the Middle East and the risk of further disruptions to energy supplies continue to weigh on market sentiment. Investors remain focused on developments involving the United States and Iran, as well as security concerns affecting major oil-producing countries and critical shipping routes.
