Oil Pares Losses as Houthi Attacks Raise Supply Concerns

Oil prices pared some of their earlier losses on Monday after the Iran-backed Houthi group claimed a series of missile attacks on targets in Saudi Arabia, including energy infrastructure and airports. The attacks revived concerns over potential supply disruptions in the Middle East.

Earlier in the session, oil prices had come under pressure after U.S. President Donald Trump signed an order waiving most sanctions and tariffs linked to Russian energy exports. The move raised expectations that more Russian oil and fuel could return to global markets, adding downward pressure on prices.

At 15:45 ET, Brent crude futures for December delivery slipped 0.1% to US$109.44 per barrel. U.S. West Texas Intermediate crude futures for December also fell 0.1% to US$98.45 per barrel.

Both benchmarks were coming off weekly gains driven mainly by supply concerns tied to heavy fighting between the Houthis and the Saudi-backed government in Yemen. The conflict has increased risks to oil flows through the Bab el-Mandeb Strait, while stepped-up Iranian attacks on ships in the Strait of Hormuz have added further uncertainty.

The Houthis said they had carried out six military operations over the past 48 hours in retaliation for Saudi-led coalition strikes on facilities in Sanaa. The claimed targets included Saudi Aramco facilities in Yanbu, the Shaybah oil field, and King Khalid and Abha international airports. Tensions have intensified since the Saudi-backed government in Yemen launched a major offensive earlier this month to retake territory around the Bab el-Mandeb Strait.(mrv)

Source : Newsmaker.id