Fears grow that Houthi attacks could create new energy crisis front
Oil prices pulled back Friday but held above $99 a barrel as renewed conflict in the Middle East and Houthi threats to Saudi oil exports kept supply fears elevated across energy markets.
Brent crude fell about 0.9% to $99.8, retreating from recent gains. Despite the single-day decline, crude remained up more than 10% over the course of the week, reflecting persistent anxiety about supply disruptions, The Guardian reported.
Renewed conflict in the Middle East has driven much of the weekly advance, with escalating hostilities raising concerns about the stability of global oil supply. Markets have been volatile as investors assess the potential for disruptions to major oil shipments across the region.
Yemen’s Houthi militias are targeting Saudi oil exports via the Bab al-Mandab strait, raising fears of what could become a new front in the energy crisis, according to The Guardian. The threat comes amid broader tensions that have already pushed crude prices higher on supply concerns.
The combination of the wider Middle East conflict and the Houthi threat to Saudi oil exports has kept crude markets on edge, with prices elevated despite Friday’s pullback as traders monitor developments for signs of further escalation.