Brent crude futures edged up 89 cents, or 0.8%, to $106.58 a barrel by 0030 GMT, while US West Texas Intermediate crude futures gained 80 cents, or 0.9%, to $94.94 a barrel. The uptick comes after the Houthis launched attacks on a Saudi Aramco administrative building in Dhahran, sparking a limited fire, according to Saudi Arabia’s energy ministry.
Chief strategist Hiroyuki Kikukawa of Nissan Securities Investment noted that supply concerns stemming from the conflict are pushing prices higher, but he cautioned that expectations of increased Russian diesel exports could temper sharp movements. Kikukawa projected WTI to trade between $90 and $100 a barrel.
In the past week, the Houthis have fired ballistic missiles and drones at Saudi Arabia, including strikes on Riyadh’s international airport that killed 13 people. Saudi Arabia has responded by boosting oil production despite disruptions, leading to a sharp increase from OPEC+ members, including Russia.
Meanwhile, Russia has said it sees no direct link between peace talks with Ukraine and its diesel export deal to the United States, a comment made after U.S. envoys indicated the deal might be aimed at drawing Russia back into negotiations.
Traders will watch how the balance between Houthi‑related supply risk and Russian diesel flow develops as the week progresses.
