Crude prices fall from six-month highs; WTI stands at $101 per barrel, Brent costs $115
Global oil prices retreated from six-month highs on Monday, though they remain elevated due to ongoing geopolitical tensions in the Middle East. Investors are closely monitoring Houthi attacks on Saudi infrastructure and upcoming US Federal Reserve policy decisions.
Why it matters
Fluctuations in oil prices have a direct impact on global inflation, transportation costs, and energy security.
Oil prices fell over 1% on Monday after surging to near six-month highs late last week. Despite the decline, prices remained elevated, with Brent crude hovering near $115 per barrel as continued attacks on Saudi Arabia kept concerns over global oil supplies alive.The US Federal Reserve's upcoming policy decision is another factor investors will watch as crude enters a potentially volatile week.WTI crude fell 1.71%, or $1.77, to $101.5 per barrel, while Brent crude declined 1.41%, or $1.65, to $115.1 per barrel.The decline followed a sharp rise on Friday, when prices settled nearly $3 higher after Houthi attacks in Saudi Arabia raised concerns about energy supplies. Brent recorded a 6% gain for the week, while WTI advanced 2.3%, taking prices close to six-month highs.The security situation remained tense over the weekend.
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