Brent crude settled 91 cents, or 0.8%, lower at $115.81 a barrel on Monday, Reuters reported. Meanwhile, US WTI fell $1.51, or 1.46%, to $101.76. Hopes of easing tension in the Middle East drove the dip.
Why Brent crude eased
Officials from Saudi Arabia, Turkey and Pakistan met Iranian leaders in Tehran on Monday. In addition, Qatari mediators had travelled to Tehran on Sunday. Both efforts aim to calm the wider conflict.
However, attacks did not stop. The Houthis said on Monday they had again struck pumping stations on the Saudi East-West pipeline, as well as Riyadh airport. There was no immediate Saudi confirmation. Instead, the Saudi-led coalition said it had destroyed two ballistic missile launchers in Sanaa.
What it means
The airport had reopened two terminals on Sunday, after an attack earlier this month killed 13 people. Consequently, traders still see a large risk premium. Read our report on Saturday’s claims.
