Brent Set for Weekly Gain as Houthi Attacks Rattle Saudi Oil Supply

Brent crude eased slightly from Thursday's settlement but was still poised to finish the week higher as concerns over Middle East supply security persisted. The benchmark was trading at $105.65 per barrel at the time of reporting, up from roughly $102 at the start of the week, while U.S. West Texas Intermediate declined to $93.11 from about $98.

Markets have drawn support from a series of attacks by Yemen's Houthi movement on Saudi targets this week. The group said it launched missiles and drones at multiple sites, including the Yanbu port on the Red Sea, which has become a principal Saudi oil export terminal — a development that has heightened worries about export disruptions and the broader security of regional shipping lanes.

Alongside the military developments, reports emerged of diplomatic discussions between the United States and Iran that could affect flows through the Strait of Hormuz. According to Reuters as cited in reporting, Iranian president Masoud Pezeshkian said the United States must decide whether to end the standoff; one reported proposal would see Iran reopen the strait in exchange for the lifting of a U.S. naval blockade.

Analysts cited in the coverage said a clear resolution is not yet visible and inventories remain under strain. June Goh, a senior oil market analyst at Sparta Commodities, warned that the global inventory gap is widening, while Tim Waterer, chief market analyst at KCM Trade, said that until durable de-escalation is evident the market retains an upside bias. Those assessments help explain why Brent has remained above the $100-per-barrel threshold amid the week’s events.