Crude holds near $110 per barrel as Middle East tensions keep supply concerns alive
Crude oil prices remain near $110 per barrel as markets react to potential shifts in Russian energy sanctions and ongoing security threats in the Middle East. Houthi attacks on Saudi energy facilities have heightened supply disruption concerns despite potential increases in Russian output.
Why it matters
Global energy prices are highly sensitive to geopolitical instability and policy shifts, directly impacting inflation and economic stability worldwide.
Oil prices hovered near $110 a barrel on Tuesday as traders assessed the impact of Washington’s decision to ease some restrictions on Russian energy exports, while fresh attacks claimed by Yemen’s Houthis against Saudi targets added to concerns over potential supply disruptions in the Middle East.WTI crude was trading at $98.72, up 18 cents, or 0.18%, while Brent crude stood at $109.70, gaining 16 cents, or 0.15%. Brent had climbed to $110.70 a barrel in the previous session, its highest level since May 20.The market was weighing the possibility of additional Russian oil and fuel supplies following an executive order issued by US President Donald Trump on Friday night. The order waived key Russia-related US sanctions and tariffs, including duties on Russian goods and penalties for purchasing the country’s oil and gas.
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