Home / Oil resumes slide after earlier gain as tensions between Saudi Arabia and Iran raises questions about future supply
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Oil resumes slide after earlier gain as tensions between Saudi Arabia and Iran raises questions about future supply

A Muslim cleric addresses a crowd during a demonstration to protest the execution of Saudi Shiite Sheikh Nimr al-Nimr, seen in poster, in front of the Saudi embassy in Tehran, Iran, Sunday.

LONDON — Oil slipped, reversing earlier gains after a breakdown in diplomatic ties between Saudi Arabia and Iran that some speculated could result in supply restrictions, although gains were tempered by data showing some of Asia’s largest economies are struggling.

Saudi Arabia, the world’s biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran following Riyadh’s execution of a prominent Shi’ite cleric on Saturday.

Fellow Gulf producer Bahrain said on Monday it too would cut ties with Iran.

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