Oil prices drop in profit-taking despite attacks on Saudi Arabia
Although Houthi attacks on oil facilities in Saudi Arabia keep energy supply concerns alive, oil prices declined on the first day of the week as investors turned to profit-taking.
Oil prices, which approached a near six-month peak last week, began to decline on Monday due to investor profit-taking. US crude (WTI) fell by 2.07 percent to $101.13, while Brent crude dropped by 1.82 percent to $114.60.
While Houthi attacks targeting an airport and oil facilities in Saudi Arabia continued over the weekend, Saudi officials announced on Sunday that numerous missiles and unmanned aerial vehicles had been intercepted. Following the attacks, operations at the main airport were partially resumed, but the Houthis announced that they would continue to target the facilities.
As concerns regarding energy supply persist, the US Department of Energy announced on Friday that it authorized the release of 400,000 barrels of oil from the Strategic Petroleum Reserve to resolve an outage at a refinery in Louisiana. Meanwhile, Saudi Arabia decided to store crude oil in Singapore starting in the second half of 2027 to increase supply chain resilience.
Sources
- bloomberght.com · Link