Global oil prices fell on Monday after coming close to a near six-month high last week, as investors booked profits following a sharp rally, even though continued Houthi attacks on Saudi Arabia kept supply concerns alive.
US crude (WTI) lost 2.07% to $101.13 a barrel, while Brent crude declined 1.82% to $114.60.
Prices had jumped by around $3 on Friday as Houthi strikes on Saudi Arabia heightened fears of energy supply disruptions. Brent ended last week up 6%, and WTI finished 2.3% higher.
The attacks continued over the weekend. The Houthis said on Saturday they had targeted an airport and oil facilities in Saudi Arabia, while Saudi authorities reported on Sunday that more missiles and drones had been intercepted. The kingdom, the world's largest oil exporter, partially resumed operations at its main airport on Sunday after damage from an earlier wave of attacks, while the Houthis vowed to keep targeting the facility.
Separately, Saudi Arabia will begin storing crude oil in Singapore from the second half of 2027 to strengthen the resilience of regional supply chains, the two countries' energy ministers announced on Monday.
The US Department of Energy said on Friday it had authorised the release of 400,000 barrels from the Strategic Petroleum Reserve to address a supply disruption at a refinery in Louisiana.
