Oil little changed as supply concern lingers amid Houthi attacks on Saudi Arabia
Oil prices remained relatively stable on Friday as traders remained cautious following Houthi attacks on Saudi Arabia's energy exports. Brent crude futures fell 0.2% to $112.96 a barrel, while US West Texas Intermediate crude slipped 0.3% to $98.12. Over the past week, West Texas Intermediate had gained two weeks in a row before ending lower.
Brent had reached its highest level since May 4, only to be pulled back. Saudi Aramco evacuated its headquarters in Dhahran due to escalating clashes with the Houthis, a Yemen-based group aligned with Iran. The ongoing conflict has also disrupted oil production in Libya, with a key pipeline shut, cutting output from the Hamada and Tahara oilfields.
Meanwhile, Russia indicated willingness to restart US-mediated peace talks with Ukraine next month, following high-level discussions between President Putin and US envoy Steve Witkoff.
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- Oil little changed as supply concern lingers amid Houthi attacks on Saudi Arabia channelnewsasia.com