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

Oil prices were little changed in early Asian trade on Friday, after rising 4% to a five-month high in the previous session due ​to concern of further energy supply disruption after Houthi attacks ‌on top exporter Saudi Arabia.

Brent crude futures was down 21 cents, or 0.2%, at $112.96 a barrel as of 0030 GMT, while US West Texas Intermediate crude was down ​27 cents, or 0.3%, at $98.12.

On a weekly basis, WTI was on ​track to end two weeks of gain to finish lower. ⁠

Brent, which settled at its highest since May 4 on Thursday, is ​set to close higher for the third successive week.

Saudi Aramco on Thursday ordered the ​evacuation of its headquarters in Dhahran on the Gulf near Bahrain, Reuters reported, as fighting intensified between the world’s largest crude exporter and Yemen-based Houthis.

Clashes between the Houthis ​and a Saudi-led coalition that backs Yemen’s internationally recognised government have raged ​since the Iran-aligned Houthis pushed towards Bab el-Mandeb, a shipping chokepoint at the mouth of ‌the ⁠Red Sea.

In Libya, an oil pipeline valve from the Hamada and Tahara oilfields to Zawiya port has been shut, leading to a reduction in production at both fields, the head of the National Oil Corporation told Reuters ​on Thursday.

Separately, Russia ​said on Wednesday ⁠it was ready to resume US-mediated talks with Ukraine next month, after President Vladimir Putin hosted US envoy Steve ​Witkoff for talks in St Petersburg.

Ukrainian President Volodymyr Zelenskiy ​said he ⁠hoped negotiations, which would be the first since February, will take place early in November.

Russia was the world’s third-biggest crude oil producer behind the US and ⁠Saudi ​Arabia in 2025, US energy data showed. ​Sanctions aimed at keeping Russian energy out of global markets after Russia’s invasion of Ukraine in ​2022 have pushed up oil prices.