Riyadh: Oil prices declined in early Asian trading on Monday following US President Donald Trump's call for other nations to assist in protecting the Strait of Hormuz. Brent crude futures fell 24 cents, or 0.23 percent, to $102.90 a barrel, after closing up $2.68 on Friday. US West Texas Intermediate (WTI) crude dropped $1.07, or 1.08 percent, to $97.64 a barrel, after rising by nearly three dollars in the previous session.

According to Qatar News Agency, both benchmarks have surged more than 40 percent this month to their highest levels since 2022. This surge followed Tehran's decision to halt shipping through the Strait of Hormuz in response to US-Israeli attacks on Iran. The closure of this critical passageway has resulted in the largest disruption ever recorded, cutting off one-fifth of global oil supplies.