Brent Set for Weekly Gain as Houthi Attacks Rattle Saudi Oil Supply
AI Summary
Brent crude oil is positioned for a weekly gain amid ongoing Houthi attacks threatening Saudi Arabia's oil supply, driving concern over Middle East security. Despite talks of a U.S.-Iran deal and estimated flows from the Strait of Hormuz, prices remain high with Brent at $105.65 per barrel and WTI declining slightly.
Crude oil prices dipped from Thursday's close earlier today but Brent crude was on track for a weekly gain on continued concern about the security of supply from the Middle East. The concern persists despite reports about a possible deal between the United States and Iran, as well as estimates of oil flows out of the Strait of Hormuz. At the time of writing, Brent crude was trading at $105.65 per barrel, up from around $102 per barrel on Monday. West Texas Intermediate, on the other hand, is ending the week with a dip, trading at $93.11…