World

Oil drops from near six-month highs on hopes Iran war hostilities to ease

NEW DELHI: Oil prices fell on Monday after surging last ‌week to near six-month highs, amid hopes of easing hostilities between the US and Iran, although persistent attacks on key producer Saudi Arabia kept investors wary. US West Texas Intermediate crude futures were down $2.23, or 2.16 percent, at $101.04 per barrel by 07:26 a.m. Saudi time. Brent crude futures were down $2.21, or 1.89 percent, at $114.51. On Friday, prices settled nearly $3 higher after Houthi attacks ​in Saudi Arabia stoked