HOUSTON, Texas/DUBAI/TOKYO -- Iran's exports of crude oil grew by roughly 50% last year to a five-year high of about 1.29 million barrels per day, with the vast majority going to China, helping to prevent a sharp increase in prices triggered by conflict in the Middle East.
Even as the war between Hamas and Israel and attacks by Houthi militants in Yemen on vessels in the Red Sea threaten to disrupt supplies of oil and petroleum products, benchmark oil prices fell on Monday. U.S. West Texas Intermediate crude futures closed down 1.6% at $76.78 per barrel, while European Brent crude dipped 1.4% to $82.40.
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