Brent crude fell about 1.9 percent to 109.58 dollars per barrel in early trading, after touching 112.45 dollars on Friday and closing at 111.7 dollars. Traders priced in the possibility that hostilities between the United States and Iran may ease.
US President Donald Trump said there would be no attack that day. He declined to say when possible attacks on Iran would end. WTI December futures stood at 101.02 dollars at the same time.
Mediation and attacks
Military spokesman Yahya Saree also said drones had hit pumping stations on the East-West Petroleum Pipeline, which carries crude from eastern Saudi Arabia to the Red Sea. The pipeline offers an overland route that avoids the Strait of Hormuz.
Price levels to watch
Brent faced technical resistance at 109.78 dollars and support at 109.36 dollars, according to the levels cited in the market reports. Saudi attacks have continued to support prices.
Related: Brent slips to $115.79 a barrel after six-month high · Gold falls to $3,999 as Brent hits $117 on Iran escalation fears
