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Oil little changed as supply concern lingers amid Houthi attacks on Saudi Arabia

Brent crude futures are down 21 cents, or 0.2%, at $112.96 a barrel

Reuters October 23, 2026 1 min read

The IMF has not included the Saudi oil facility in its projected inflows for Pakistan for the financial years 2026-27 and 2027-28, according to the third stafflevel report. PHOTO: REUTERS

Oil prices were little changed in early Asian trade on Friday, after rising 4% to a five-month high in the previous session due to concerns of further energy supply disruption after Houthi attacks ‌on top exporter Saudi Arabia.

Brent crude futures were down 21 cents, or 0.2%, at $112.96 a barrel, while US West Texas Intermediate crude was down 27 cents, or 0.3%, at $98.12.

On a weekly basis, WTI was on track to end two weeks of gain to finish lower. ⁠Brent, which settled at its highest since May 4 on Thursday, is set to close higher for the third successive week.

Saudi Aramco on Thursday ordered the evacuation of its headquarters in Dhahran on the Gulf near Bahrain, Reuters reported, as fighting intensified between the world's largest crude exporter and Yemen-based Houthis.

Read: Govt cuts petrol by Rs1.60, increases diesel by 1.64 paisas for Oct 23

Clashes between the Houthis and a Saudi-led coalition that backs Yemen's internationally recognised government have raged since the Houthis pushed towards Bab el-Mandeb, a shipping chokepoint at the mouth of ‌the ⁠Red Sea.

In Libya, an oil pipeline valve from the Hamada and Tahara oilfields to Zawiya port has been shut, leading to a reduction in production at both fields, the head of the National Oil Corporation told Reuters on Thursday.

Separately, Russia said on Wednesday ⁠it was ready to resume US-mediated talks with Ukraine next month, after President Vladimir Putin hosted US envoy Steve Witkoff for talks in St Petersburg.

Ukrainian President Volodymyr Zelenskiy said he ⁠hoped negotiations, which would be the first since February, would take place early in November.

Russia was the world's third-biggest crude oil producer behind the US and ⁠Saudi Arabia in 2025, US energy data showed. Sanctions aimed at keeping Russian energy out of global markets after Russia's invasion of Ukraine in 2022 have pushed up oil prices.