Oil prices were mixed on Monday as renewed Houthi attacks on Saudi energy facilities and increased threats to shipping through the Strait of Hormuz raised concerns over global oil supplies. Brent crude futures fell 31 cents, or 0.3%, to settle at $109.55 a barrel, while U.S. West Texas Intermediate (WTI) rose $2.25, or 2.2%, to $103.66 a barrel, its highest settlement since September 15. Brent prices declined more than $3 earlier in the session as investors took profits following last week’s rally to a five-month high.
WTI trading was relatively thin ahead of the October 20 expiration of the November contract, with activity concentrated in the more actively traded December contract. December WTI settled at $98.54 a barrel, down 0.5%.

The security situation in the Middle East continues to threaten oil production and transportation. Yemen’s Iran-aligned Houthis claimed attacks on Saudi energy, airport and military facilities, including an Aramco facility in Yanbu and the Shaybah oilfield. Saudi authorities had not immediately confirmed the claims, and the reports could not be independently verified. Separately, Iran’s Revolutionary Guards said an oil tanker caught fire and exploded after striking a naval mine in the southern Strait of Hormuz.

Crude flows through the region fell to a seven-day average of approximately 8.5 million barrels per day last week, down from more than 20 million barrels per day the previous week, according to analytics firm Kpler. The company also reported at least 10 confirmed incidents involving commercial vessels during the week, highlighting the continued risks facing energy shipments.

Additional Russian fuel exports could provide some relief, but uncertainty remains. President Donald Trump signed an executive order waiving certain sanctions and tariffs related to Russian energy exports. Analysts said the waiver could allow additional Russian fuel to reach global markets, although uncertainty over its implementation and duration makes it difficult to determine how much supply will increase. The measure does not resolve the physical supply disruptions and shipping risks in the Strait of Hormuz.

Meanwhile, a Reuters survey found that OPEC oil production increased in September, led by gains in Saudi Arabia and Iraq. However, additional production may not fully offset supply and transportation disruptions across the Middle East.