Oil holds near $114 amid Saudi supply concerns

Oil prices stayed close to $114 a barrel in Asian trading on Friday, October 23, after a 4% jump in the prior session took Brent to a five-month peak. Mettis Global data put Brent up 2.17% at $113.97 per barrel, while West Texas Intermediate gained $1.02, or 1.03%, to $100.36 by 10:00 am PST.

Rising Saudi Arabia-Houthi hostilities have sharpened concern about possible supply interruptions, with Reuters reporting that Saudi Aramco evacuated its Dhahran headquarters on Thursday. The Houthis’ advance towards the Bab el-Mandeb shipping route and reduced Libyan output after a pipeline valve closure have added to supply worries. Brent was on track for a third weekly advance, while WTI was heading lower for the week; Russia’s readiness to resume Ukraine talks also featured in the market outlook.