Oil Edges Lower on China Worries as Middle East Tensions Fester

A view shows Chao Xing tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on Aug. 12, 2022. Tatiana Meel/Reuters

LONDON—Oil prices dipped on Monday as China’s ailing property sector took another hit while a drone attack on U.S. forces in near the Syrian border added to supply disruption concerns in the Middle East and Houthi extremists stepped up attacks on vessels in the Red Sea.

Brent crude futures dipped 23 cents to $83.32 a barrel by 0937 GMT while U.S. West Texas Intermediate crude futures edged down by 27 cents to $77.74.