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.
