London, Sep 21 (V7N)- Global crude oil prices fell on Monday as investors weighed renewed Middle East tensions following attacks by Yemen’s Iran-backed Houthis on Saudi Arabia against hopes for diplomatic progress between the United States and Iran.
According to Reuters, Brent crude futures fell about 2% to around $101.75 per barrel, while US West Texas Intermediate (WTI) crude declined about 2% to $98.34 per barrel during Monday trading.
The decline came despite the Houthi attacks on what the group described as sensitive sites in Riyadh, as well as an Aramco facility in the Red Sea city of Yanbu. The attacks have raised concerns about the security of Saudi energy infrastructure and regional oil supplies.
Market participants were also encouraged by signs that Saudi Arabia’s oil exports were recovering. Reuters reported that Saudi exports had risen to more than 4 million barrels per day in September after falling to about 2.4 million barrels per day in August.
The attacks remain a source of concern for the global energy market because Saudi Arabia is a major oil producer and exporter, while the region contains critical routes for international energy shipments.
The broader US-Iran confrontation has also contributed to volatility in crude markets. However, US President Donald Trump’s stated willingness to meet Iranian President Masoud Pezeshkian during the United Nations General Assembly has raised hopes among investors for possible diplomatic progress.
Oil prices had risen sharply earlier in September as attacks on Saudi energy infrastructure and disruptions around key shipping routes heightened fears of supply shortages. Brent had moved above $100 per barrel amid the escalation.
Despite Monday’s decline, analysts and market participants continue to monitor developments in the Middle East closely, particularly the security of oil infrastructure and shipping routes. Further escalation could again increase concerns over global energy supplies.
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