Commerzbank strategists note that Brent Oil remains above USD 100 as markets weigh heightened geopolitical risk from Houthi attacks on Saudi infrastructure. While early Asian trading saw prices slip below USD 104, they stress that repeated strikes on Riyadh’s main airport raise the risk of US involvement and further disruption to Persian Gulf energy flows.

Middle East tensions underpin Oil prices

“Brent crude oil prices edged up 0.4% to USD 104.72 last Friday and gained 2.4% for the week.”

“The dominant story over the weekend and the one most likely to set the tone for Asian markets this morning was the sharp escalation in Houthi attacks on Saudi Arabia.”

“The attacks are the fourth on Riyadh’s main airport in a single week, raising the risk of a dangerous escalation that could draw in the US and further disrupt energy flows from the Persian Gulf.”

“In early Asian trading today, Brent crude oil prices erased earlier gains to fall 1.1% to below USD104 per barrel.”

“Brent crude oil held firmly above USD 100 per barrel, underpinned by persistent Middle East supply risk.”