Key facts
- Brent crude futures dropped 81 cents, or 0.78%, to $103.06 a barrel.
- US West Texas Intermediate crude was at $99.41 a barrel, down 89 cents, or 0.89%.
- Saudi oil exports through the Strait of Hormuz averaged 2.9 million bpd over the past six days, up from 700,000 bpd in August.
- Total oil flows averaged 17.1 million bpd in the past 10 days, according to JPMorgan analysts.
- China has asked Iran to help rein in the Houthis after an appeal from Saudi Arabia.
Oil prices fell as investors assessed a recovery in Saudi Arabian shipments, despite ongoing Houthi attacks in the Middle East and a stalemate between the US and Iran. Brent crude futures dropped 81 cents, or 0.78%, to $103.06 a barrel at 0031 GMT, after settling down 0.91% on Friday. US West Texas Intermediate crude was at $99.41 a barrel, down 89 cents, or 0.89%, following a 1.58% loss in the previous session. Yemen's Iran-backed Houthis claimed responsibility for missile and drone attacks on "sensitive" sites in the Saudi capital of Riyadh on Saturday, as well as an Aramco facility in the Red Sea city of Yanbu, a key oil export hub. These attacks on Saudi Aramco's East-West pipeline have prompted the state energy firm to increase exports through the Strait of Hormuz this month and next, after halting some shipments via Yanbu. This has enabled Saudi oil exports to recover to just over 4 million barrels per day (bpd) so far in September, after slumping to 2.4 million bpd in August, the lowest since at least 2013, according to provisional data from analytics firm Kpler. Saudi oil moving through the Strait of Hormuz averaged 2.9 million bpd over the past six days, up from just 700,000 bpd in August, according to satellite data cited by JPMorgan analysts. The analysts noted that total oil flows averaged 17.1 million bpd in the past 10 days, only 6.1 million bpd below the 2025 average. China has requested Iran's assistance in curbing Houthi actions following an appeal from Saudi Arabia. Meanwhile, Iran and the US exchanged threats, though President Donald Trump indicated openness to a meeting with Iranian President Masoud Pezeshkian, who is expected to attend the United Nations General Assembly.