Oil Prices Recede Toward Flat After Brent's 5 Month High

The rally was driven by Houthi claims of strikes on Saudi Aramco facilities at the Shaybah oilfield and Yanbu, as well as reports of a tanker hitting a mine near the Strait of Hormuz. These risks outweighed the Trump administration's recent decision to ease sanctions on Russian energy exports, although Brent has still risen roughly 80% over the past year. Market participants warn that sustained price increases could exacerbate inflation ahead of U.S. midterms in 14 days.