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Oil retreats from near six-month highs as Saudi supply concerns persist

US crude fell 1.55% and Brent lost 1.34% after weekend attacks in Saudi Arabia followed a sharp rally on Friday.

Oil storage tanks and pipelines at an energy facility
Photo: CNA

Oil futures declined on October 26, reversing some of the gains that had brought prices close to six-month highs. Continued attacks on Saudi Arabia kept concerns about oil supplies in focus despite the pullback.

At 12:18 a.m. GMT, US crude traded at $101.67 per barrel, a drop of $1.60, or 1.55%. Brent was at $115.16 per barrel, down $1.56, or 1.34%.

Both contracts had gained nearly $3 at Friday's settlement as Houthi attacks raised worries over energy supplies. For the week, Brent rose 6%, while WTI gained 2.3%.

The Houthis said they struck a Saudi airport and oil facilities on Saturday. Saudi Arabia said it intercepted additional missiles and drones on Sunday, when its main airport resumed some operations following damage from earlier Houthi attacks. The group pledged to continue targeting the airport.

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Karim Mansour

Energy & Commodities Editor

Edits and reviews stories on oil, gas, power, renewables, nuclear, coal, metals and agriculture, supply and demand outlooks, and OPEC.