Crude Oil Prices Steady After Houthi Attacks on Saudi Arabia Raise Supply Concerns | October 23, 2026

Crude oil prices were little changed in early Asian trading on Friday, October 23, 2026, after rising 4% to a five-month high in the previous session. Concerns over supply disruptions following Houthi attacks on Saudi Arabia continued to influence the market. 

Brent crude futures fell 21 cents, or 0.2%, to US$112.96 a barrel, while US West Texas Intermediate (WTI) crude declined 27 cents, or 0.3%, to US$98.12 as of 0030 GMT. 

Saudi Arabia Attacks Raise Supply Concerns 

Saudi Aramco ordered the evacuation of its headquarters in Dhahran on Thursday as fighting intensified between Saudi Arabia and Yemen-based Houthis, according to Reuters. The developments heightened concerns over potential disruptions in supplies from the world's largest crude exporter. 

The conflict has intensified as the Iran-aligned Houthis advanced towards Bab el-Mandeb, a strategic shipping chokepoint at the entrance to the Red Sea. Clashes have continued between the Houthis and a Saudi-led coalition supporting Yemen's internationally recognised government. 

Libyan Oil Production Faces Disruption 

Oil supply concerns also emerged from Libya, where a pipeline valve connecting the Hamada and Tahara oilfields to Zawiya port was shut. The country's National Oil Corporation confirmed that the closure had reduced production at both oilfields. 

The disruption added to concerns about global crude availability as traders monitored developments across key producing regions. 

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Russia-Ukraine Talks Remain in Focus 

Russia said on Wednesday that it was ready to resume US-mediated talks with Ukraine next month, following discussions between President Vladimir Putin and US envoy Steve Witkoff in St Petersburg. 

Ukrainian President Volodymyr Zelenskiy expressed hope that negotiations would take place in early November. The proposed talks would be the first since February. 

Russia was the world's third-largest crude oil producer in 2025, behind the United States and Saudi Arabia, according to US energy data. Sanctions imposed following Russia's 2022 invasion of Ukraine have also affected global energy trade and oil prices. 

Conclusion 

Oil prices remained near recent highs as tensions involving Saudi Arabia, production disruptions in Libya and uncertainty surrounding Russia-Ukraine negotiations kept supply risks in focus. Brent was on track for a third consecutive weekly gain, while WTI was set to end its two-week winning streak. 

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