Brent crude futures fell by $2.03 to reach $114.70 per barrel. US West Texas Intermediate crude futures declined by $2.60, trading at $100.71 per barrel.
Oil prices dropped by $2 a barrel despite Brent finishing the week with a 6% increase. West Texas Intermediate ended the week 2.3% higher.
John Evans said, "With the jeopardy doubled by Houthi attacks into Saudi, any Brent price dips back to the lows of last week will find grateful buyers." Houthis struck Riyadh airport and pumping stations on Saudi Arabia's East-West crude oil pipeline.
Saudi Arabia intercepted more drones and missiles on Sunday. The US-Israeli war on Iran commenced on 28 February.
The Washington Institute for Near East Policy stated that October has been the worst month for attacks on commercial shipping in the Strait of Hormuz. Saudi Arabia, Turkiye, and Pakistan were scheduled to hold talks with Iranian officials in Tehran.
Qatari mediators travelled to Tehran on Sunday. Russian refiners are increasing diesel production during October.
Energy ministers from Saudi Arabia and Singapore stated that Saudi Aramco would begin storing crude oil in Singapore from the second half of 2027. Fatih Birol said he did not expect energy markets in 2027 to return to where they were before the Iran war.
