London — Oil prices eased on Monday after rallying at the end of last week, but tensions between Saudi Arabia and Iran helped limit losses. Prices had climbed on Friday after Saudi Crown Prince Mohammed bin Salman said the kingdom would develop nuclear weapons if arch-rival Iran did. Petromatrix analyst Olivier Jakob said prices were "really giving back some of Friday’s short-covering". Brent crude futures were down 10c at $66.11 a barrel by 10.52am GMT. US West Texas Intermediate (WTI) futures fell 17c to $62.17 a barrel. "This week there will be … a pricing of some geopolitical risk with the crown prince going on a visit to the US which is likely to provide a lot of headlines against Iran and the … deal," Jakob said, referring to the nuclear pact Iran has with world powers on its nuclear programme. President Donald Trump has told European powers they should "fix the terrible flaws" in the deal or the US would refuse to extend its sanctions relief on Iran. Britain, France and Germa...
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