Oil Prices Ease After Brent Crossed $107; Middle East Risks Persist

Brent crude fell 0.82% to $105.73 per barrel on Friday after crossing $107 during the previous session. WTI also declined 1.65% to $93.05 as markets weighed US-Iran talks against fresh supply risks in the Middle East.

Oil prices had surged on Thursday. Brent gained 3.4% to settle at $106.60. WTI rose 2.7% to settle at $94.61. Both benchmarks reached higher levels during the session. Brent briefly moved above $107.

Houthi Attacks Add to Supply Concerns

Saudi Arabia said its forces intercepted six ballistic missiles launched by Yemen’s Houthis. The Saudi-led coalition said the missiles targeted the Taif and Yanbu areas. Yanbu is a major Saudi oil export hub on the Red Sea.

The attacks have added to concerns over oil supplies from the region. The risks come as disruption around the Strait of Hormuz continues to affect global oil markets.

Markets Watch US-Iran Talks

Oil prices eased on Friday as markets assessed reports of possible progress in US-Iran talks. A potential ceasefire could reduce some supply concerns. Renewed attacks on Saudi Arabia are keeping pressure on prices.