Oil Prices Fall Amidst Hopes of Easing US-Iran Hostilities

Oil prices fell $2 a barrel on Monday amid hopes of easing hostilities between the United States and Iran, but persistent attacks on key producer Saudi Arabia kept investors wary and prices near six-month highs.

Brent crude futures were down $2.03, or 1.7%, at $114.70 at 10:37 a.m. ET (1437 GMT), while US West Texas Intermediate crude futures were down $2.60, or 2.5%, at $100.71 per barrel.

On Friday, prices settled more than $3 higher, with Brent finishing the week up 6% and WTI ending the week 2.3% higher.

"With the jeopardy doubled by Houthi attacks into Saudi, any Brent price dips back to the lows of last week will find grateful buyers," PVM Oil Associates analyst John Evans said.

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