Brent crude remained on course for a 13.5% weekly gain on Friday as attacks on tankers raised fears over the Bab el-Mandeb route and Kazakhstan temporarily reduced production.
Brent futures fell USD 0.72, or 0.72%, to USD 99.97 a barrel at 0126 GMT, according to Reuters. West Texas Intermediate declined USD 0.70, or 0.76%, to USD 91.49 but headed for a 10.9% weekly increase.
Brent gained 7% on Thursday and settled above USD 100 for the first time since May. WTI rose 6.2% after Yemen’s Iran-aligned Houthis claimed attacks on two Saudi oil tankers in the Red Sea.
The incidents heightened concerns that shipping through the Bab el-Mandeb could be disrupted. The route connects the Red Sea with the Indian Ocean and ranks behind the Strait of Hormuz among the world’s key oil transit channels.
US President Donald Trump said Washington would hold Iran responsible for further Houthi attacks.
Read: Oil Prices Rise as Iran War Threatens Supply Routes
IG market analyst Tony Sycamore said pressure on global energy-supply routes was tightening again as risks increased around both maritime chokepoints.
Kazakhstan’s Energy Ministry also said oil producers temporarily reduced output after suspected Ukrainian drone attacks forced the country’s main Black Sea export terminal to suspend operations.
The Caspian Pipeline Consortium stopped accepting Kazakh crude after halting tanker loadings, industry sources told Reuters. The route handles about 2% of the daily global crude supply.
Kazakhstan did not disclose the overall reduction, although one industry source said production at the country’s largest oilfield had fallen by more than half.
