Oil prices pare losses as Hormuz, Houthi tensions persist

Oil prices fell on Monday as U.S. President Donald Trump played down the likelihood of further military strikes against Iran, easing immediate concerns over another escalation in the conflict.

However, continued attacks on commercial shipping through the Strait of Hormuz and renewed Houthi strikes on Saudi infrastructure kept supply concerns elevated.

As of 03:18 ET (08:18 GMT), January Brent oil futures fell 1.8% to $96.55 a barrel, while U.S. West Texas Intermediate (WTI) crude futures declined 1.2% to $89.78 a barrel. Brent had plunged around 16% last week, marking its steepest weekly decline since the onset of the Covid-19 pandemic.

Trump told CNN over the weekend that it was highly unlikely he would order further attacks on Iran, provided negotiations continued to make progress towards a strong agreement. His comments helped ease immediate fears of renewed military escalation and encouraged some bargain buying after last week’s sharp decline.

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