Oil Prices Hover Around $110 Amid Rising Middle East Tensions

Oil prices hovered around $110 a barrel on Tuesday as traders weighed Washington’s move to ease certain restrictions on Russian energy exports against growing concerns over potential supply disruptions following fresh attacks claimed by Yemen’s Houthi rebels on Saudi targets.

US West Texas Intermediate (WTI) crude rose 18 cents, or 0.18%, to $98.72 a barrel, while Brent crude gained 16 cents, or 0.15%, to $109.70. Brent had surged to $110.70 in the previous session, marking its highest level since May 20.

Markets were assessing the potential impact of additional Russian oil and fuel supplies after US President Donald Trump issued an executive order late Friday easing key Russia-related restrictions. The measures included waivers affecting sanctions and tariffs on Russian goods, as well as penalties linked to purchases of Russian oil and gas.

However, Trump said on Saturday that he had not yet made a final decision on the matter. US Secretary of State Marco Rubio also indicated that officials needed more time to evaluate the situation.

According to the International Energy Agency (IEA), Russia’s crude oil production increased by 65,000 barrels per day in September to 8.43 million barrels per day. Despite the rise, output remained approximately 870,000 barrels per day below the level recorded a year earlier.

The prospect of increased Russian supplies has provided a potential counterbalance to concerns over disruptions in other oil-producing regions. However, threats to energy infrastructure across the Gulf remain a major concern for market participants.

Houthi Attacks Heighten Supply Concerns

Regional security concerns intensified after Yemen’s Iran-aligned Houthi movement claimed on Monday that it had carried out several attacks targeting Saudi energy infrastructure, airports and military facilities.

The group identified the targeted sites as an Aramco facility in Yanbu, the Shaybah oilfield, King Khalid International Airport in Riyadh and Abha airport.

Saudi authorities did not immediately confirm the claims, and Reuters could not independently verify them.

In a separate incident, a Houthi attack on a government security forces training camp in Yemen’s Shabwa province on Monday killed 58 people and injured more than 200, according to the reported figures.

The latest developments have heightened concerns over regional stability and the security of global energy supplies. These risks have helped keep oil prices above $100 a barrel, despite expectations that a potential increase in Russian exports could ease supply pressures.