Oil prices moved lower on Monday as traders assessed the outlook for a recovery in Saudi shipments after Iran-backed Houthis struck the country with missiles and drones on Saturday.
As of 2:53 a.m. ET, Brent crude futures for November delivery were down 1.71% at $102.09 a barrel. U.S. West Texas Intermediate futures for October fell 1.96% to $98.33 per barrel.
In a Sept. 18 note, JPMorgan analysts said that “Middle East oil flows remain surprisingly strong despite the disruption to Saudi Arabia's East-West pipeline.” They added that total oil flows averaged 17.1 million barrels per day over the past 10 days, 6.1 million bpd below the 2025 average.
At the same time, supply risks remain in focus. U.S. President Donald Trump told Fox News that he is in a “deciding mode” and that “very big things” are going to happen in the near future regarding the US-Iran war.
Trump also said: “My question is, if and when do I blow the entire nation up? They better behave.”
Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, said prices are likely to remain closely linked to the pace of export normalization and diplomatic progress. In his view, any setback or renewed deterioration in shipping conditions would tighten the physical market and restore upward pressure on prices.
