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(Bloomberg) — Oil tumbled at the week’s open after the US paused strikes against Iran over the weekend, easing energy supply risks in the Middle East even as Houthis claimed attacks against targets in Saudi Arabia.
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Global benchmark Brent fell more than 7% in the initial few minutes, dipping below $90 a barrel, before trading near $92. European natural gas also tumbled.
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After striking the Islamic Republic for 13 days, the US has held off since late Friday, raising questions over President Donald Trump’s next move. Iran’s army said that Tehran had suspended its responses.
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Still, Tehran-backed Houthis in Yemen said they had struck facilities linked to Saudi Aramco in the Red Sea port towns of Jizan and Yanbu on Saturday, though neither Riyadh nor Aramco immediately confirmed the claim.
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Brent has still surged by more than a quarter this month, as the US-Iran conflict spread beyond the Strait of Hormuz to the Red Sea. The conflict — now nearing the end of its fifth month — has stoked concerns of a global inflationary shock as stockpiles sink and product prices jump.
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At the weekend, Saudi authorities issued emergency warnings for two provinces, before lifting them shortly afterward. Yanbu, the western terminus of Saudi Arabia’s East-West pipeline, has become the kingdom’s key crude export outlet, handling millions of barrels a day since the Strait of Hormuz became effectively shut. Jizan is home to an Aramco refinery and export terminal.
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Brent had also ended lower on Friday, in part as technical indicators signaled that prices had rallied too far, too fast following a five-session run of gains.
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