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Oil prices fell as investors rushed to take profits after hitting multi-month highs late last week, while focus remained on the potential for the ongoing wars in the Middle East and Ukraine to impact global oil supply and demand balances.
Brent crude futures fell $1.45, or 1.32%, to $108.41 a barrel, after settling on Friday at its highest level since May 19.
US West Texas Intermediate crude stood at $101.09 a barrel, down 32 cents or 0.32%, after reaching its highest level since September 17 at Friday's settlement.
Kpler analytics firm said in a note on Friday that intensified attacks on commercial vessels sharply reduced Gulf crude flows to an average of about 8.5 million barrels per day over a seven-day period last week, down from more than 20 million barrels per day the previous week. It added that at least ten confirmed incidents involving commercial vessels were reported last week.
However, Secretary of State Marco Rubio said the president will use a period of up to 60 days to assess the economic impact of sanctions and tariffs on the global economy.
"Trump's move looks like another desperate attempt to keep oil prices in check ahead of the US mid-term elections," said Priyanka Sachdeva, senior market analyst at Phillip Nova, adding that it does little to resolve the actual supply crisis in the Strait of Hormuz, where attacks on oil tankers continue.
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