Oil slumped at Monday’s open as traders reassessed Middle East supply risk after the US and Iran paused reciprocal strikes. Brent futures fell about 6% to near $91/bbl and WTI dropped below $84/bbl. European gas slid as much as 7.8%. The US suspended strikes late Friday after 13 days of operations; Iran’s army said Tehran had paused its responses. Yemen’s Houthi movement said it struck ARAMCO facilities at Jazan and Yanbu on Saturday; Riyadh and ARAMCO did not immediately confirm. The conflict h

Oil slumped at Monday’s open as traders reassessed Middle East supply risk after the US and Iran paused reciprocal strikes. Brent futures fell about 6% to near $91/bbl and WTI dropped below $84/bbl. European gas slid as much as 7.8%. The US suspended strikes late Friday after 13 days of operations; Iran’s army said Tehran had paused its responses. Yemen’s Houthi movement said it struck ARAMCO facilities at Jazan and Yanbu on Saturday; Riyadh and ARAMCO did not immediately confirm. The conflict has spread from the Strait of Hormuz to the Red Sea; Brent is up roughly 30% this month and briefly topped $100/bbl last week. The near five‑month-old hostilities, thin global spare capacity and rising refined-product prices have intensified concerns about upward pressure on global inflation, and markets questioned the US administration’s next move.