Oil declines amid expectations of increased Russian supplies

Oil prices fell on Monday amid expectations of increased Russian supplies after Trump announced an agreement to halt attacks on energy facilities between Russia and Ukraine, and a US-Russian agreement to supply diesel. Brent crude fell $1.54 to $103.18, and West Texas Intermediate fell by the same amount to $90.31. Despite the decline, tensions in the Middle East continue to support prices above $100.

Oil prices fell on Monday, October 12, 2026, amid expectations of increased Russian supplies, after US President Donald Trump announced that Russia and Ukraine had reached an agreement to halt attacks on each other's energy facilities, alongside a US-Russian agreement to supply quantities of diesel to the markets. Brent crude futures fell by $1.54, or 1.47%, to $103.18 a barrel, while US West Texas Intermediate fell by the same amount, or 1.68%, to $90.31 a barrel. Trump said Russia would immediately supply more than 300,000 tons of diesel to US and global markets, adding 500,000 tons in November and another million tons after that. This comes as global daily diesel consumption approaches 29 million barrels, according to the International Energy Agency. Despite the decline, tensions in the Middle East continued to support Brent crude prices above $100 a barrel, amid escalating security risks threatening energy supplies and maritime shipping. The Houthis claimed responsibility for an attack on Riyadh International Airport on Saturday that killed 13 people and injured more than 300, while Saudi authorities reported injuries in a new attack on Sunday. Concerns have grown over the safety of oil tankers passing through the Strait of Hormuz after additional attacks this month.