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Oil little changed as supply concern lingers amid Houthi attacks on Saudi Arabia - Finance news and analysis from Global Banking & Finance Review
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Oil little changed as supply concern lingers amid Houthi attacks on Saudi Arabia

Published by Global Banking & Finance Review

Posted on October 23, 2026

2 min read

· Last updated: October 23, 2026

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Oil Prices Remain Steady as Supply Concerns Persist After Houthi Attacks

Global Oil Market Update and Ongoing Supply Disruptions

Recent Oil Price Movements

Oct 23 (Reuters) - 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.

Regional Supply Disruptions

Saudi Arabia and Houthi Conflict

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.

Libyan Oil Production Issues

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.

Geopolitical Developments Impacting Oil Markets

Russia-Ukraine Negotiations

Prospects for Renewed Talks

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.

Sanctions and Global Oil Supply

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.

(Reporting by Sudarshan Varadhan; Editing by Christopher Cushing)

Key Takeaways

  • Prices remain supported by Middle East instability, including Houthi assaults on Saudi energy facilities and chokepoints, sustaining supply concerns.
  • Brent crude edged down to $112.96 and WTI to $98.12, with Brent poised for a third straight weekly gain while WTI looked to snap a two‑week rally.
  • In Libya, a valve shutdown on the Hamada–Zawiya pipeline threatens crude flows and revenues; meanwhile Russia’s readiness to resume U.S.‑mediated Ukraine peace talks next month adds geopolitical nuance amid energy market tensions.

Frequently Asked Questions

Why were oil prices little changed in early Asian trade?
Oil prices stabilized after rising due to ongoing supply concerns following Houthi attacks on Saudi Arabia and disruptions in Libya.
What impact did the Houthi attacks have on Saudi Arabia's oil market?
The Houthi attacks led to Saudi Aramco evacuating its headquarters, raising fears of further supply disruptions.
How did oil prices perform in the previous trading session?
Oil prices rose by 4% to a five-month high in the previous session due to worries over supply disruptions.
What recent developments affected oil production in Libya?
An oil pipeline valve closure reduced production at the Hamada and Tahara oilfields in Libya.
How have sanctions on Russia impacted global oil prices?
Sanctions targeting Russian energy after its invasion of Ukraine have contributed to higher global oil prices.

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