Saudi Energy Ministry says falling shrapnel struck a Saudi Aramco building in Riyadh

Saudi Arabia faced a series of missile and drone attacks over the weekend, and an administrative building belonging to state oil giant Saudi Aramco sustained limited damage in Riyadh on Sunday. The Saudi Energy Ministry said falling shrapnel struck the building following an attempted attack, but no casualties were reported.

Saudi air defenses also intercepted several missiles targeting the kingdom over the weekend, according to the Saudi-led coalition.

Maritime security threats persisted over the weekend. The U.K. Maritime Trade Operations reported Sunday that an outbound tanker was struck by an unidentified projectile while passing through the Strait of Hormuz. The crew was safe and no environmental impact was reported.

In another incident, UKMTO said military authorities reported a tanker on fire about eight nautical miles northwest of Khasab, Oman, prompting the evacuation of its crew. The cause of the fire was not specified.

Oil prices fell Monday as President Trump said further U.S. strikes on Iran were highly unlikely if negotiations over Tehran’s nuclear program and the reopening of the Strait of Hormuz made progress. Front-month Brent crude, the global oil benchmark, fell 1.3% to $97.01 a barrel, while West Texas Intermediate futures declined 0.7% to $90.17 a barrel.

Trump made the comments in an interview with CNN on Sunday. His remarks followed a sharp decline in oil prices the previous week, as traders assessed the prospects for a diplomatic resolution following the Democratic Party’s victory in the U.S. midterm elections.

Iranian Foreign Minister Abbas Araghchi said talks with Washington had made no progress. He said Tehran was waiting to see whether the U.S. administration would change its position following the elections.

ANZ analysts said investors were watching for signs of progress toward ending the conflict, while uncertainty over U.S. policy continued to influence oil prices.

Monday’s lower crude prices came alongside continued risks to Middle East oil supplies. The Aramco building damage and tanker incidents showed those physical risks persisting, while Araghchi said negotiations had made no progress and Tehran was waiting on the U.S. administration’s next position.