Oil held its ground in Asian trade on a Friday morning, Brent hovering near $113 a barrel after a sudden climb to its highest level since early May. The steadiness sits atop a deeper unease: Houthi forces and a Saudi-led coalition are locked in fighting near Bab el-Mandeb, the narrow gate where the Red Sea meets global shipping lanes, and anyone who has watched energy move through history knows that when a chokepoint trembles, the whole world feels it in the price of fuel. Beyond the Red Sea, a Libyan pipeline lies shut, and far to the north, a possible return of Russia and Ukraine to the nego
Oil Holds Near Five-Month High as Houthi Attacks on Saudi Arabia Keep Supply Fears Alive
Calm on Friday followed a 4% jump to a five-month high
Mark
Prices barely moved Friday. Why is that the story?
Mimi
Because it follows a 4% jump to a five-month high. Brent is near $113 after settling at its highest since May 4, so the pause comes at an elevated level.
Luke
Worth noting the report says the rise came from concern about further disruption, not a measured loss of Saudi supply. The article doesn't give any figure for barrels lost.
Mark
And the Houthi push toward Bab el-Mandeb is part of that?
Mimi
Yes. Clashes with the Saudi-led coalition have raged since the Houthis moved toward the chokepoint at the mouth of the Red Sea.
Luke
Right, but the piece doesn't say shipping through it has actually stopped. The worry is about what could happen.
Mark
What about Libya?
Mimi
A pipeline valve from the Hamada and Tahara fields to Zawiya port has been shut, and production fell at both fields. The oil company's head said so.
Luke
No volume or restart date was given, so the size of that loss is unknown.
Mark
And the Russia-Ukraine talks?
Mimi
Russia says it's ready to resume US-mediated talks next month. Zelenskiy hopes for early November.
Luke
Those are hopes and readiness statements. Nothing is scheduled in the report, and any effect on sanctions or prices is speculation at this point.
O Pulso
- Brent jumped 4% to a five-month high before steadying near $113, leaving traders braced for a third straight weekly gain.
- Houthi attacks on Saudi Arabia and fighting near the Bab el-Mandeb chokepoint have stoked fears that a critical Red Sea artery could be disrupted.
- A Libyan pipeline valve shutdown has cut output at the Hamada and Tahara fields, adding a second source of supply anxiety.
- WTI is pulling in the opposite direction, on track to end the week lower after two weeks of gains, so the market is split in its signals.
- All eyes now turn to whether the Red Sea fighting spreads and whether US-mediated Russia-Ukraine talks materialise in early November.
Oil held its ground in Asian trade on a Friday morning, Brent hovering near $113 a barrel after a sudden climb to its highest level since early May. The steadiness sits atop a deeper unease: Houthi forces and a Saudi-led coalition are locked in fighting near Bab el-Mandeb, the narrow gate where the Red Sea meets global shipping lanes, and anyone who has watched energy move through history knows that when a chokepoint trembles, the whole world feels it in the price of fuel. Beyond the Red Sea, a Libyan pipeline lies shut, and far to the north, a possible return of Russia and Ukraine to the negotiating table in November hangs over the market like a question not yet answered.
Oil markets opened Friday in Asia almost without motion. Brent crude slipped just 21 cents to $112.96 a barrel, and US West Texas Intermediate eased to $98.12. The stillness followed a sharp jolt the previous day, when prices surged 4% to their highest point in five months, driven by fears that the supply of energy from Saudi Arabia, the world's largest oil exporter, might be disrupted.
The fear is rooted in a conflict that keeps deepening. Houthi forces, aligned with Iran, have clashed with a Saudi-led coalition backing Yemen's internationally recognised government, and the fighting has grown more intense as the Houthis pushed toward Bab el-Mandeb, the strait at the mouth of the Red Sea through which much of the world's shipping passes. Traders are watching closely whether that fighting spreads.
Supply worries have not stopped at Saudi Arabia. In Libya, a valve on the pipeline carrying crude from the Hamada and Tahara fields to Zawiya port has been shut, cutting output at both. A diplomatic thread offers some counterbalance. Russia has said it is ready to resume US-mediated talks with Ukraine next month, after Vladimir Putin hosted US envoy Steve Witkoff, and Volodymyr Zelenskiy hopes the first such negotiations since February will begin in early November. Russia, the world's third-largest crude producer in 2025, sits under sanctions imposed after its 2022 invasion, and those sanctions have themselves helped push prices higher.
For now, the market holds its breath, waiting to learn whether the Red Sea fighting widens and whether the November talks take place.
Oil markets opened Friday in Asia with barely a flicker. Brent crude futures were down 21 cents, or 0.2%, at $112.96 a barrel as of 0030 GMT, and US West Texas Intermediate was down 27 cents, or 0.3%, at $98.12. The calm followed a sharp move the day before, when prices jumped 4% to a five-month high.
The driver was worry about further disruption to energy supply after Houthi attacks on Saudi Arabia, the world's top oil exporter. Brent settled on Thursday at its highest level since May 4. If it holds near current levels through the close of the week, it will finish higher for a third week in a row.
WTI is telling a slightly different weekly story. After two straight weeks of gains, it was on track to end this one lower.
Behind the price action is a conflict that has been escalating. Clashes have raged between the Houthis and a Saudi-led coalition that backs Yemen's internationally recognised government. They have intensified since the Iran-aligned Houthis pushed toward Bab el-Mandeb, the shipping chokepoint at the mouth of the Red Sea.
Saudi Arabia is not the only source of supply anxiety. In Libya, a valve on an oil pipeline running from the Hamada and Tahara oilfields to Zawiya port has been shut, cutting production at both fields. The head of the National Oil Corporation told Reuters of the shutdown on Thursday.
Diplomacy offers a possible counterweight. On Wednesday, Russia said it was ready to resume US-mediated talks with Ukraine next month, after President Vladimir Putin hosted US envoy Steve Witkoff in St Petersburg. Ukrainian President Volodymyr Zelenskiy said he hoped the negotiations, which would be the first since February, would take place early in November.
The talks matter to oil because of Russia's weight in the market. US energy data showed Russia was the world's third-biggest crude producer in 2025, behind the United States and Saudi Arabia. Sanctions meant to keep Russian energy out of global markets since its 2022 invasion of Ukraine have pushed prices higher.
For now, traders are watching two things: whether the fighting around Bab el-Mandeb spreads, and whether the planned talks in early November materialise.
Citações Notáveis
Zelenskiy said he hoped negotiations with Russia, the first since February, will take place early in November.— Ukrainian President Volodymyr Zelenskiy
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Leia o original em Reuters ↗
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