Brent oil trades at $112.96 amid geopolitical tensions

Amid concerns that conflicts in the Middle East could negatively impact energy supply, Brent crude is trading at $112.96 and WTI crude is trading at $98.12.

Concerns that Houthi attacks against Saudi Arabia could lead to new disruptions in energy supply are keeping price levels high in the markets. While Saudi Aramco, Saudi Arabia's national oil company, requested the evacuation of its headquarters in Dhahran on Thursday, clashes intensified between the Houthis and the Saudi-led coalition supporting Yemen's internationally recognized government. These security risks and movements toward the Bab el-Mandeb Strait have heightened concerns regarding oil shipments.

The closure of a valve on the pipeline connecting the Hamada and Tahara oil fields in Libya to the Zawiya Port caused production at both fields to decline. On the other hand, it was reported that mediation negotiations with Ukraine could resume next month following the meeting between Russian President Vladimir Putin and U.S. representative Steve Witkoff in St. Petersburg. According to U.S. energy data, Russia ranked as the world's third-largest crude oil producer in 2025, following the U.S. and Saudi Arabia.