Oil falls from 6-mth highs as Iran mediation efforts ease supply worries

Oil prices fell on Monday as diplomatic efforts to ease the U.S.-Israeli war with Iran tempered fears of further supply disruptions, although continued Houthi attacks on Saudi Arabia kept geopolitical risks elevated.

Brent Oil Futures expiring in December fell 2% to $114.39 a barrel by 02:12 ET (06:12 GMT), while U.S. West Texas Intermediate crude futures dropped 2.3%, to $100.88 a barrel.

Both benchmarks had climbed nearly $3 on Friday after attacks by Yemen’s Iran-aligned Houthi movement heightened concerns about the security of energy infrastructure in Saudi Arabia, the world’s largest oil exporter.

Brent settled at $116.72 a barrel on Friday, its highest closing level since April 29, and gained about 6% over the week. WTI settled at $103.27, up 2.3% for the week.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →