Oil Prices Decline Following US Operation Announcement

Doha: Oil prices declined in early trading on Monday after US President Donald Trump announced the launch of an operation to free vessels stranded in the Strait of Hormuz: Futures for Brent crude fell by 64 cents, or 0.59 percent, to $107.53 a barrel, after dropping $2.23 at Friday's close. US West Texas Intermediate crude also declined, falling 84 cents, or 0.82 percent, to $101.10 a barrel, after a loss of $3.13. According to Qatar News Agency, oil prices remained above $100 a barrel amid the absence of any imminent peace agreement between Washington and Tehran and continued constraints on shipping through the Strait of Hormuz.