About 20 minutes after trading opened, the futures price of North Sea oil (Brent) had fallen to $115.27 per barrel. US WTI crude had fallen to $101.71 per barrel.
Last week, oil prices rose sharply. At Friday’s close, Brent was at $116.72 and WTI was at $103.27.
This weekend, the Iran-backed Houthi movement in Yemen carried out a series of new drone and missile attacks on Saudi Arabia’s airports and oil industry.
Saudi Arabia, in turn, launched airstrikes on targets in Yemen.
Before the US and Israel launched the war against Iran on February 28, oil was trading at around $70 per barrel.
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