WTI oil prices fell 0.9% after surging the previous day, as investors worried about the widening conflict following Houthi attacks on Aden airport and claims of strikes on Saudi Arabia's largest oil refinery.
US crude oil prices fell by nearly $1 per barrel on Thursday, 29 Oct 2025 GMT+7, as investors assessed escalating risks from the intensifying Middle East conflict that could disrupt regional energy supplies, following a strong price rally the day before.
West Texas Intermediate (WTI) crude oil, the US benchmark, dropped 92 cents or 0.9% to $101.86 per barrel, hitting an intraday low of $101.75 per barrel; it had surged 3% on Wednesday.
This price movement occurred amid rising tensions in the Middle East, as Yemen's government forces reported that the Houthi group attacked Aden airport on Wednesday. The group, allied with Iran, had warned civilians to evacuate the area amid escalating fighting in Yemen and growing regional entanglement.
Earlier on Tuesday, the Houthi group claimed to have launched missile attacks on Saudi Arabia's largest oil refinery, with a capacity of 550,000 barrels per day, though Saudi Arabia had not immediately confirmed the attack.
Risks to production sites and energy transport routes in the region have investors monitoring the situation closely, as any escalation could disrupt global oil supply and increase pressure on energy prices.
Meanwhile, officials familiar with the negotiations revealed that Qatari mediators have submitted a new draft agreement to Iran aimed at ending the conflict with the US and Israel. However, senior Iranian officials described the proposal as a non-acceptable concept rather than a formal offer.
The future direction of oil prices will depend on developments in the conflict and the prospects for reaching a peace agreement, which are crucial for global energy security and oil supply.
. Source:channelnewsasia
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