Oil prices little changed after 4% jump — Channel NewsAsia

Oil prices were little changed in early Asian trading on October 23 after rising 4% in the previous session. Investors feared further disruptions to energy supplies amid Houthi attacks on Saudi Arabia, Channel NewsAsia reports.

As of 00:30 GMT, Brent crude futures fell by 21 cents, or 0.2%, to $112.96 per barrel. U.S. West Texas Intermediate crude declined by 27 cents, or 0.3%, to $98.12 per barrel.

Evacuation of Saudi Aramco headquarters

According to Reuters, Saudi Aramco on Thursday ordered the evacuation of its headquarters in Dhahran, on the Persian Gulf coast near Bahrain. This came amid intensified hostilities between Saudi Arabia, the world’s largest crude oil exporter, and the Houthis based in Yemen.

Clashes between the Houthis and the Saudi-led coalition supporting Yemen’s internationally recognized government have continued after the group advanced toward the Bab el-Mandeb Strait. It is a shipping chokepoint near the entrance to the Red Sea.

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Other market factors

WTI was heading toward the end of a two-week period of gains with a weekly decline. At the same time, Brent, which closed on Thursday at its highest level since May 4, could end a third consecutive week higher.

In Libya, a valve was shut on the oil pipeline from the Hamada and Takhara fields to the port of Zawiya. The head of Libya’s National Oil Corporation told Reuters that this resulted in reduced production at both fields.

Sanctions against Russia, an aggressor state, aimed at limiting the presence of its energy resources on global markets after its 2022 invasion of Ukraine, also contributed to rising oil prices, the source notes.