Middle East Tensions Create Uncertainty for Crude Prices Monday

The rising tensions between Saudi Arabia and Iran put the crude markets on uncertain footing on Monday. February West Texas Intermediate crude lost 28 cents to end trade at $36.76 a barrel on the New York Mercantile Exchange. February Brent crude slipped six cents to settle at $37.22 a barrel on the London ICE Futures Exchange.

Over the weekend, tensions between OPEC partners Saudi Arabia and Iran began to heat up as the Saudi government put a Shiite cleric supported by Iran to death. The two countries have cut diplomatic ties. The issue has created new uncertainty in the crude markets.

February natural gas lost less than a half penny on Monday. The New York Mercantile Exchange contract settled at $2.334 per million British thermal units.


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