Houthi border fire raises supply fears despite price decline
Oil prices fell Friday as reports that Saudi Arabia was able to deliver some crude shipments to buyers in Asia through Oman cooled fears of more severe supply disruptions, according to United Press International. Brent crude futures, the global benchmark, were nearly 0.7% lower at $104.10 per barrel. U.S. West Texas Intermediate futures were at $101.37 per barrel, down 0.5%.
Saudi Arabia and the Houthis on Thursday exchanged fire across their border, increasing fears that growing conflict in the region could disrupt energy supplies further since the U.S.-Israeli attacks on Iran began more than six months ago, UPI reported.
Reports that Saudi Arabia was able to deliver some crude shipments to buyers in Asia through Oman have cooled fears of more severe disruptions after a key pipeline was closed following attacks by Houthis, according to UPI.
Investors were optimistic that Saudi crude would reach global markets and ease concerns about supply despite the new fighting, UPI reported.