Oil Steady as Houthi Attacks on Saudi Arabia Keep Supply Risks in Focus

Oil prices were little changed in early Asian trade on Friday, after rising 4 percent to a five-month high the previous session on concerns of energy supply disruption following Houthi attacks on Saudi Arabia. Brent crude futures fell 21 cents to $112.96 a barrel, while US West Texas Intermediate crude was down 27 cents at $98.12. The price moves followed Saudi Aramco's evacuation of its Dhahran headquarters on Thursday as fighting intensified between the Houthis and a Saudi-led coalition. Clashes have raged since the Houthis pushed towards Bab el-Mandeb, a key Red Sea shipping chokepoint. In Libya, an oil pipeline valve shutdown reduced production at two fields. On a weekly basis, WTI was on track to end two weeks of gains and finish lower, while Brent was set to close higher for a third successive week. Russia said it was ready to resume US-mediated talks with Ukraine next month, and sanctions on Russian energy since its 2022 invasion of Ukraine have pushed up oil prices.