Oil little changed as supply concern lingers amid Houthi attacks on Saudi Arabia

The Express Tribune reported that crude benchmarks slipped modestly in Asian trading on Friday, after gaining 4% in the previous session and reaching a five-month high. Brent stood at $112.96 a barrel, down 21 cents, while US West Texas Intermediate was at $98.12, a decline of 27 cents. Brent was on course for a third consecutive weekly rise, while WTI was set to finish the week lower after two weekly gains.

Supply concerns persisted after Houthi attacks led Saudi Aramco to clear its Dhahran headquarters, Reuters reported, amid escalating fighting. Libya also shut a pipeline carrying oil from the Hamada and Tahara fields towards Zawiya port, cutting production at both fields, according to the National Oil Corporation chief. Russia separately signalled it could take part in US-mediated talks with Ukraine next month; sanctions targeting Russian energy have pushed oil prices higher since 2022.