Global oil prices fell by more than $1 on Monday as investors booked profits following last week’s multi-month highs, while concerns over escalating conflicts in the Middle East and Ukraine continued to support the market.
Brent crude futures declined $1.72, or 1.6%, to $108.14 per barrel, while US West Texas Intermediate (WTI) fell 87 cents, or 0.86%, to $100.54 a barrel at 1427 GMT.
Supply disruptions through the Strait of Hormuz remained a key concern after attacks on commercial vessels reduced average daily crude flows to around 8.5 million barrels last week, down from more than 20 million barrels in the previous week, according to analytics firm Kpler.
Iran’s Revolutionary Guard said an oil tanker caught fire and exploded after striking a naval mine in the southern Strait of Hormuz on Sunday.
Analysts warned that further attacks could disrupt oil exports, while Egypt’s offer to support Saudi Arabia against Yemen’s Houthis added to concerns over regional stability.