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UK Wage Growth Slows as BoE Rate Decision Looms 
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Saudi Arabia Raises Security Alerts as Houthi Attacks Threaten Oil Routes 
Oil Prices Surge as Houthi Attacks Raise Saudi Supply Fears 
Gold Rebounds Above $4,300 Despite Hawkish Fed Rate Hike 
Oil Prices Fall as U.S. Crude Inventories Rise, Middle East Risks Persist 
Hong Kong Unveils First Five-Year Plan to Boost Finance, Tech and Housing 
UK Inflation Rises to 3.1% Ahead of BoE Rate Decision 
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Oil prices declined on Thursday, extending recent losses as signs of improving Saudi Arabian crude supplies and reported U.S.-Houthi talks eased concerns about potential Middle East supply disruptions. A stronger U.S. dollar following the Federal Reserve’s latest interest rate hike also weighed on crude markets.
Brent crude futures slipped to $105.83 a barrel by 21:36 ET (01:36 GMT), while West Texas Intermediate (WTI) crude futures fell 0.2% to $102.21 per barrel.
Crude prices have lost momentum after reports indicated Saudi Arabia was moving additional oil through Oman to reduce exposure to Red Sea disruptions linked to Houthi activity. Riyadh was reportedly offering more crude cargoes to Asian refiners through ship-to-ship transfers near Oman’s Sohar port, helping maintain Middle East oil flows despite elevated regional tensions.
Meanwhile, Reuters reported that U.S. officials and Yemen’s Iran-backed Houthis held talks over the weekend. The Houthis reportedly reaffirmed their commitment to a 2025 ceasefire and said they would not target U.S. or Israeli vessels.
President Donald Trump said Wednesday that Iran was seeking a peace agreement and that the U.S. was “hopefully toward the end” of the conflict. However, tensions between Washington and Tehran remain elevated, particularly around the Strait of Hormuz, where shipping activity remains well below prewar levels.
Oil prices also faced pressure from the stronger dollar after the Federal Reserve raised interest rates by 25 basis points to 4%. Fed Chair Kevin Warsh said inflation remained too high, signaling that additional rate hikes could follow in the coming months.
Despite Thursday’s decline, crude remained on track for a weekly gain. Brent had approached $110 per barrel earlier in the week following a major Houthi offensive against Saudi Arabia that targeted energy infrastructure and reportedly disrupted a key east-west pipeline. Brent remained about 1.2% higher for the week.
Persistent U.S.-Iran tensions, restrictions on major shipping routes and U.S. inventory data showing a third consecutive weekly decline in domestic crude stockpiles continued to provide support for oil prices.
