Oil prices ease but remain above $100 as Hormuz risks persist

Oil prices eased in early trading on Monday after a sharp weekly advance, but remained elevated as fresh reports of attacks on shipping and a temporary shutdown of a major Saudi pipeline kept supply concerns at the forefront. The main market risk remains the Strait of Hormuz, with the United Kingdom Maritime Trade Operations agency reporting a projectile strike on a vessel in the Strait, though details are limited.

Iran has also reported an attack on a commercial vessel near Qeshm Island, resulting in one death and injuries. In response, Saudi Arabia temporarily closed its East-West oil pipeline as a precaution following a drone attack claimed to have originated in Iraq, where Iran-backed militias operate. These developments have heightened concerns that the conflict could threaten both the main maritime chokepoint and the routes intended to bypass it.

Brief written by urgent.news from Gulf News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.