Key facts
- Brent crude oil traded around $117 per barrel amid escalating Saudi-Houthi tensions.
- Saudi Aramco's headquarters in Dhahran was evacuated after Houthi drone strikes.
- Libya's oil output fell by 90,000 barrels per day due to pipeline valve shutdowns.
- Europe's TTF gas benchmark reached its highest level since December 2022.
- The US is releasing 315,000 barrels of diesel from its emergency reserve.
Brent crude oil prices are nearing $120 per barrel, driven by escalating tensions between Saudi Arabia and Houthi rebels, which has led to a 4% weekly gain. Saudi Aramco ordered staff to evacuate its Dhahran headquarters following drone strikes that also killed two at the Shaybah oilfield. Libya's oil output has decreased by 90,000 barrels per day due to protests shutting down a pipeline valve. Europe is entering winter with natural gas prices at a four-year high, with storage levels below 75% and constrained Qatari LNG supply. The US Energy Department is releasing 315,000 barrels of diesel from its emergency reserve to address regional disruptions amid declining global diesel exports. A non-sanctioned Russian diesel cargo is en route to New York, marking the first under a deal with Moscow. The EU is preparing its 22nd sanctions package against Russia, targeting individuals and entities in the oil sector.