Oil prices fell on Monday amid attacks on Gulf oil production and U.S. President Donald Trump’s call for global efforts to secure the Strait of Hormuz.
Brent crude futures were down 92 cents at $102.22 a barrel by 1248 GMT while U.S. West Texas Intermediate crude was down $3.45, or 3.5%, to $95.26.
Both contracts have surged more than 40% this month to their highest since 2022, after the U.S.-Israeli attacks on Iran prompted Tehran to halt shipping through the Strait of Hormuz, a critical waterway for a fifth of global oil and LNG supplies.
The United Arab Emirates’ daily oil output is down by more than half as the Iran conflict and the effective closure of the Strait of Hormuz forced state oil giant ADNOC to implement widespread production shut-ins, two sources told Reuters.