Oil pares gains as Hormuz uncertainty, Houthi attacks keep supply risks elevated

AI Summary

Oil prices trimmed earlier gains due to uncertainty about the reopening of the Strait of Hormuz and fresh attacks by Iran-backed Houthi militants against Saudi energy infrastructure. These developments sustained concerns about regional energy supply flows.

Oil prices pared earlier gains on Monday as uncertainty over the reopening of the Strait of Hormuz kept supply concerns elevated, while fresh attacks claimed by Iran-backed Houthi militants against Saudi energy infrastructure added to concerns over regional flows. As of 01:28 ET (05:28 GMT), Brent Oil Futures rose 0.5% to $83.98 a barrel, while ...