Oil Prices Hold Steady Amid Ongoing Supply Concerns Over Houthi Strikes on Saudi Arabia

• Brent crude futures fell 21 cents to $112.96 per barrel, while West Texas Intermediate (WTI) crude declined by 27 cents to $98.12 per barrel.
• Production at Libya’s Hamada and Tahara oilfields has declined after a critical pipeline valve supplying the Zawiya port was shut down.

Oil prices remained largely unchanged in early Asian trading on Friday, following a 4% rise to a five‑month high in the prior session as concerns over potential supply disruption from Houthi attacks on Saudi Arabia persisted. Brent crude futures slipped 21 cents (0.2%) to $112.96 per barrel by 00:30 GMT, while WTI crude fell 27 cents (0.3%) to $98.12 per barrel. On a weekly basis, WTI was poised to break a two‑week streak of gains and finish lower, whereas Brent settled at its highest level since May 4 on Thursday and is expected to close higher for a third consecutive week. Clashes between the Houthi movement and a Saudi‑led coalition supporting Yemen’s internationally recognized government have intensified since the Iran‑aligned Houthis advanced toward Bab al‑Mandab, a critical shipping chokepoint at the mouth of the Red Sea. In Libya, a shutdown of the pipeline valve linking the Hamada and Tahara oilfields to the Zawiya port has reduced production at both fields, according to the head of the National Oil Corporation, as reported by Reuters on Thursday. Separately, Russia announced on Wednesday that it is prepared to resume United States‑mediated negotiations with Ukraine next month, following President Vladimir Putin’s meeting with U.S. envoy Steve Witkoff in St. Petersburg. Ukrainian President Volodymyr Zelensky said he expects the first negotiations since February to occur early next month. Russia ranked as the world’s third‑largest crude oil producer in 2025, behind the United States and Saudi Arabia, according to U.S. energy data. Sanctions imposed after Russia’s 2022 invasion of Ukraine have limited Russian energy exports, contributing to higher global oil prices.

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