Oil prices remained near $110 a barrel on Tuesday as traders weighed fresh concerns about Middle East supply disruptions against the possibility of additional Russian energy exports after the United States eased some restrictions on Moscow’s oil and gas trade.
Brent crude was trading at $109.70 a barrel, up 16 cents, or 0.15%, while West Texas Intermediate crude stood at $98.72, gaining 18 cents, or 0.18%, according to market data cited in the report. Brent had reached $110.70 in the previous session, its highest level since May 20.
The market reaction followed an executive order issued by US President Donald Trump on Friday night that waived key Russia-related US sanctions and tariffs. The measures included duties on Russian goods and penalties linked to purchases of the country’s oil and gas, potentially creating room for more Russian crude and fuel to enter global markets.
The policy position remained unsettled, however. Trump said on Saturday that he had not yet announced a final decision, while US Secretary of State Marco Rubio said officials needed more time to assess the situation. The uncertainty has left traders balancing the possibility of higher Russian supply against risks to energy infrastructure in the Gulf region.
Russia’s crude oil production rose by 65,000 barrels per day in September to 8.43 million barrels per day, according to the International Energy Agency last week. Despite the monthly increase, production was still around 870,000 barrels per day below the level recorded a year earlier.
Additional supply concerns emerged after Yemen’s Iran-aligned Houthis said on Monday that they had carried out attacks targeting Saudi energy, airport and military facilities. The sites named by the group included an Aramco facility in Yanbu, the Shaybah oilfield, King Khalid International Airport in Riyadh and Abha airport.
Saudi authorities had not immediately confirmed the claims, and the report said the attacks could not be independently verified. The uncertainty over the incidents has nevertheless added to market concerns about the security of energy infrastructure and transport routes in the region.
Separately, a Houthi attack on a government security forces training camp in Yemen’s Shabwa province on Monday reportedly killed 58 people and injured more than 200. The reported violence has increased pressure on an already fragile regional security environment.
For cities and urban economies, sustained oil prices above $100 a barrel can raise the cost of transport, logistics, construction inputs and other energy-dependent services, although the supplied report does not quantify any immediate impact on consumer prices or fuel markets. Traders are continuing to assess whether additional Russian supply can offset disruption risks in the Middle East.
The next market direction will depend on developments around US policy on Russian energy, confirmation of the reported attacks and any evidence of disruption to regional oil production or infrastructure.
