Oil prices slip from near six-months highs despite supply concerns

Oil prices experienced a decline on Monday after reaching levels close to a six-month peak late last week, despite ongoing concerns regarding supply disruptions due to attacks on Saudi Arabia. By 0018 GMT, U.S. crude futures had dropped by $1.60, equivalent to a 1.55% decrease, settling at $101.67 per barrel. In the same timeframe, Brent crude futures fell by $1.56, or 1.34%, to $115.16 per barrel.

Last Friday, oil prices had surged nearly $3, driven by fears over energy supply following Houthi attacks in Saudi Arabia. The previous week concluded with Brent crude rising by 6%, while West Texas Intermediate (WTI) saw an increase of 2.3%.

Over the weekend, the Houthi group claimed responsibility for additional strikes on Saudi oil facilities and an airport on Saturday. In response, Saudi Arabia reported on Sunday that it had successfully intercepted several missiles and drones aimed at its territory.

The nation, which is the world's leading oil exporter, resumed partial operations at its primary airport on Sunday, which had sustained damage from earlier Houthi strikes. Despite these efforts, the militant group has indicated its intention to continue targeting the facility.