OIL DROPS FROM NEAR SIX-MONTH HIGHS – They fell amid hopes Iran war hostilities will ease
Oil prices fell after surging last week to near six-month highs, amid hopes of easing hostilities between the United States and Iran, although persistent attacks on key producer Saudi Arabia kept investors wary.
US West Texas Intermediate crude futures were down $2.23 at $101.04 per barrel. Brent crude futures were down $2.21 at $114.51.
On Friday, prices settled nearly $3 higher after Houthi attacks in Saudi Arabia stoked energy supply concerns. Brent finished the week up 6% and WTI ended 2.3% higher.
On Sunday, Qatari mediators traveled to Tehran as part of an effort to de-escalate regional tensions in coordination with the United States, an official briefed on the situation said.
Despite the mediation talks, attacks continued over the weekend with the Houthis saying they struck an airport and oil facilities in Saudi Arabia on Saturday. Saudi Arabia said on Sunday it had intercepted more missiles and drones.
