International crude oil prices experienced a decline on Monday (October 12, 2026), driven by announcements of increased Russian diesel exports and potential agreements between Russia and Ukraine to halt strikes on energy infrastructure. However, ongoing military escalations in the Middle East and attacks on shipping near the Strait of Hormuz kept Brent crude holding above $100 per barrel.
In early trading on Monday, Brent crude fell by $1.54 (1.47%) to $103.18 per barrel, while US West Texas Intermediate (WTI) dropped by $1.54 (1.68%) to $90.31 per barrel. US President Donald Trump stated that Russia would immediately supply over 300,000 tonnes (~2.25 million barrels) of diesel to global markets, with an additional 1.5 million tonnes planned through November. Trump also announced a mutual agreement between Russia and Ukraine to stop targeting energy facilities, though Ukrainian President Volodymyr Zelenskyy noted he is awaiting formal ceasefire terms.
Counterbalancing the European truce impact, Middle East geopolitical friction escalated as Houthi strikes on Riyadh's international airport and drone attacks on oil tankers in Omani waters near the Strait of Hormuz maintained upward pressure. In response, Goldman Sachs revised its December Brent crude price forecast upward from $85 to $90 per barrel, estimating that geopolitical risk adds approximately $20 per barrel to current pricing. Meanwhile, Shell, Chevron, and BP have begun restoring Gulf of Mexico oil production following the passage of Hurricane Isaias.
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Reported by Staff Reporter • Edited by the Daily Best News desk. Send corrections to [email protected].
