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Brent Holds Near $102 as Yemen Fighting Jolts Oil Markets

Oil prices moved up and down on Monday, October 5.

Brent oil rose above $103 a barrel before falling back to about $102.

Another oil price measure, West Texas Intermediate, went down slightly.

Oil traders were watching fighting in Yemen and the wider conflict in West Asia.

Yemen’s government said its forces would try to retake areas held by the Houthis.

The Houthis have attacked Saudi Arabia, including oil facilities, and have also threatened shipping.

OPEC+ countries decided not to change their production limits for next month.

Oil supplies from West Asia have nearly returned to their earlier levels, but world oil stocks are at a five-year low.

Traders remain concerned that the conflict could flare up again and disrupt oil routes or supplies.

Key facts

Brent price: Around $102 a barrel after briefly climbing above $103.
West Texas Intermediate: Down 0.6% to $90.60 a barrel.
Recent Brent performance: Gained almost 5% the previous week and was roughly 40% above its level when the conflict began.
OPEC+ decision: Major producers agreed to leave output quotas unchanged for the next month.
Yemen campaign: The internationally recognised government ordered the army into a campaign to retake Houthi-controlled areas.
Emergency stocks: The Group of Seven pledged to release up to 100 million barrels of emergency oil and diesel stocks.
Global inventories: Oil inventories had fallen to a five-year low.
Strait of Hormuz: About 20% of the world’s oil passed through the strait before the war, according to the article.

CNBC TV 18 · 4 hrs ago