Market sentiment remained cautious after fresh attacks on Saudi Arabia’s pipeline heightened supply risk.
WTI slipped 1.15% to $93.52 per barrel, and Brent eased 0.73% to $105.80, according to Bloomberg. The move comes after a 5% rally the day before, when Brent closed 3.4% higher and WTI 2.7% up.
Weekly, WTI is down 6.42% while Brent is up 2.09%, marking the first positive week for Brent in nearly a month.
Analysts at Reuters note that the 5% rebound has faded as risk premium weighs on energy markets, especially after Saudi intercepted six Houthi‑launched missiles.
The Strait of Hormuz remains a choke point; a US‑Iran truce could lift Washington’s blockade, potentially restoring the 20‑25% of global oil traffic that flows through the strait.
Traders will keep an eye on Saudi’s East‑West pipeline output and tanker loading data, which are still stalled, as they assess the likelihood of a supply normalization.