- Brent November futures fell 2.22% to $101.56 a barrel and U.S. WTI October futures dropped 2.23% to $98.06 a barrel on Monday.
- JPMorgan analysts said Middle East oil flows remain surprisingly strong despite disruption to Saudi Arabia's East-West pipeline, averaging 17.1 million barrels per day over the past 10 days, 6.1 million bpd below the 2025 average.
- Iran-backed Houthis attacked Saudi Arabia with missiles and drones on Saturday, escalating Middle East tensions.
- U.S. President Donald Trump said he is in a deciding mode and very big things are going to happen regarding the US-Iran war.
- Daniel Takieddine, CEO of Sky Links Capital Group, expects oil prices to stay tied to export normalization and diplomatic progress, warning any shipping setback would tighten the physical market and restore upward pressure.
Quotes
“Middle East oil flows remain surprisingly strong despite the disruption to Saudi Arabia's East-West pipeline”
“My question is, if and when do I blow the entire nation up? They better behave”
“Any setback or renewed deterioration in shipping conditions would tighten the physical market and restore upward pressure on prices”