Oil prices fall despite concerns over Saudi supply

Now, oil prices slipped in early trading after climbing to near six-month highs late last week as markets weighed profit-taking against persistent concerns over global supplies following continued attacks on Saudi Arabia. Brent crude futures declined 2% at the open and traded just below $115 per barrel. Now, this decline follows a strong rally on Friday when both benchmarks settled near $3 higher after attacks by the Houthis in Saudi Arabia heightened concerns over potential disruptions to energy supplies. Brent crude ended the week up 6%, while United States West Texas Intermediate crude gained 2.3%. Supply risks remain in focus as attacks continued over the weekend. The Houthis say they had targeted a Saudi airport and oil facilities on Saturday. Saudi Arabia said on Sunday that it had intercepted additional missiles and drones. The attacks have also disrupted aviation operations. Saudi Arabia, the world's largest oil exporter, partially restarted operations at its main airport on Sunday following damage sustained during an earlier round of attacks. The Houthis have vowed to continue targeting the facility, keeping visual security concerns alive. Meanwhile, Saudi Arabia is preparing to strengthen its energy supply chain in Asia. The kingdom will begin storing crude oil in Singapore in the second half of 2027, according to energy ministers from both countries. The move is aimed at improving the resilience of Saudi oil supplies across the region. In the United States, the Department of Energy has authorized the release of 400,000 barrels of oil from the Strategic Petroleum Reserve. The release is intended to address the supply disruption at Louisiana Refinery. The latest price movement highlights the competing forces influencing crude markets. Prices have retreated from recent highs, but continued attacks on Saudi infrastructure are sustaining concerns about supply security. With Brent still trading above $114 per barrel and the United States crude above $101, dollars. Developments around Saudi Arabia and refinery operations remain critical to the near-term outlook for global oil prices.