Brent crude hovers near $110 per barrel
Oil prices hovered near $110 a barrel on Tuesday as traders assessed the impact of Washington’s decision to ease some restrictions on Russian energy exports, while fresh attacks claimed by Yemen’s Houthis against Saudi targets added to concerns over potential supply disruptions in the Middle East.WTI crude was trading at $98.72, up 18 cents, or 0.18%, while Brent crude stood at $109.70, gaining 16 cents, or 0.15%. Brent had climbed to $110.70 a barrel in the previous session, its highest level since May 20.The market was weighing the possibility of additional Russian oil and fuel supplies following an executive order issued by US President Donald Trump on Friday night. The order waived key Russia-related US sanctions and tariffs, including duties on Russian goods and penalties for purchasing the country’s oil and gas.
However, Trump said on Saturday that he had yet to announce a final decision, while Secretary of State Marco Rubio said officials needed more time to assess the situation.Russia’s crude oil production rose by 65,000 barrels per day in September to 8.43 million barrels per day, according to the International Energy Agency last week. Despite the increase, output remained around 870,000 barrels per day below the level recorded a year earlier.
The prospect of more Russian supplies has offered a possible counterweight to concerns about disruptions elsewhere, but risks to energy infrastructure in the Gulf region remain a key concern for traders.
add to supply concerns
Fresh security concerns emerged after Yemen’s Iran-aligned Houthis said on Monday they had carried out several attacks targeting Saudi energy, airport and military facilities. The sites named included an Aramco facility in Yanbu, the Shaybah oilfield, King Khalid International Airport in Riyadh and Abha airport.Saudi authorities did not immediately confirm the claims, and Reuters could not independently verify them.Separately, an attack by the Houthis on a government security forces training camp in Yemen’s Shabwa province on Monday killed 58 people and injured more than 200.The latest attacks have added to concerns about regional stability and the safety of energy supplies, helping keep oil prices above the $100-a-barrel mark despite the prospect of increased Russian supply.