Brent crude oil futures dropped 82 cents, or about 1%, to $81.37 per barrel, while West Texas Intermediate (WTI) crude oil futures fell 74 cents, also about 1%, to $76.1 per barrel at 10:22 GMT.
Last week, the key drivers behind the recovery were persistent threats to shipping in the Red Sea, Ukrainian attacks on Russian refineries, and maintenance at American refineries, said Tamas Varga of PVM oil brokerage.
According to him, “this led to a scarce availability of products, particularly in the middle of the barrel.”
“These factors have not diminished yet – and for that reason, I believe what we are currently witnessing is just a setback,” he added.
Logistical disruptions in the Red Sea continued this Monday, with the Houthi rebels based in Yemen claiming to have targeted a cargo ship in the Red Sea, which they alleged was American.
Ship monitors said the Marshall Islands-flagged vessel was Greek-owned. Since November, the Houthis have targeted ships with drones and missiles in solidarity with Palestinians in Gaza. The United States has been conducting retaliatory strikes against Houthi missiles since January.
