US Crude Slips Below $102 as Traders Weigh Middle East Supply Risks

Benchmark US crude futures fell about $1 on Thursday, paring the prior session's gains, as traders assessed whether escalating Middle East conflict could further disrupt regional energy supplies. West Texas Intermediate (WTI) futures were down 92 cents, or 0.9%, at $101.86 a barrel after touching $101.75. Prices had risen 3% on Wednesday. Yemen's Houthis attacked Aden airport on Wednesday, government forces said, after the Iran-aligned group warned people to evacuate amid intensifying fighting. On Tuesday, the Houthis said they struck Saudi Arabia's largest oil refinery with a missile; Saudi authorities did not immediately confirm the strike on the 550,000-barrel-per-day facility. Qatari mediators have presented Iran with a new draft deal to end the war with the US and Israel, an official briefed on the talks said, though a senior Iranian official called the proposals unacceptable ideas rather than an offer.