Oil prices fell $2 a barrel on Monday amid hopes of easing hostilities between the United States and Iran, but persistent attacks on key producer Saudi Arabia kept investors wary and prices
Oil prices fell $2 a barrel on Monday amid hopes of easing hostilities between the United States and Iran, but persistent attacks on key producer Saudi Arabia kept investors wary and prices near six-month highs.
Brent crude futures were down $2.03, or 1.7%, at $114.70 at 10:37 a.m. ET (1437 GMT), while US West Texas Intermediate crude futures were down $2.60, or 2.5%, at $100.71 per barrel.
On Friday, prices settled more than $3 higher, with Brent finishing the week up 6% and WTI ending the week 2.3% higher.
"With the jeopardy doubled by Houthi attacks into Saudi, any Brent price dips back to the lows of last week will find grateful buyers," PVM Oil Associates analyst John Evans said.
"Corrective processes are notoriously difficult to quantify, but this one has nowhere near reached any sort of levels where bulls might abandon hope," he said.
Saudi Arabia, which along with Turkey and Pakistan was set to hold talks with Iranian officials in Tehran, said it was important to open channels for negotiations.
IRAN WAR MEDIATION EFFORTS RESUME
On Sunday, Qatari mediators traveled to Tehran to try to de-escalate regional tensions in coordination with the United States, an official briefed on
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