Oil Prices Fall Sharply After Hitting Six-Month High

Crude oil prices fell in international markets on Monday after approaching a six-month high last week. However, continued Houthi attacks in Saudi Arabia have kept concerns over global energy supplies alive.

At 00:18 GMT on Monday (October 26), US West Texas Intermediate (WTI) crude futures fell $1.60, or 1.55 per cent, to $101.67 a barrel. At the same time, Brent crude, the international benchmark, dropped $1.56, or 1.34 per cent, to $115.16 a barrel.

Oil prices settled nearly $3 higher last Friday amid growing concerns that Houthi attacks in Saudi Arabia could disrupt energy supplies. Brent crude gained 6 per cent over the week, while US WTI rose 2.3 per cent.

Attacks in Saudi Arabia continued over the weekend. The Houthis claimed to have targeted an airport and energy facilities in the country. Saudi authorities said on Sunday that they had intercepted several more missiles and drones. Operations at the country’s main airport were also partially resumed after it was damaged in an earlier attack.

Despite Monday’s decline, concerns over supply disruptions remain. Continued attacks in Saudi Arabia could heighten concerns about the security of energy infrastructure and their impact on global oil supplies.

Source: Reuters