Archive · 12 Oct 2026
Oil Slips on Hopes Russia-Ukraine Energy Ceasefire Boosts Supplies
Oil prices went down a little on Monday.
President Donald Trump said Russia and Ukraine had agreed to stop attacking each other's energy facilities.
If that agreement holds, more oil could become available.
But Ukraine said it was still waiting for details, and Russia had not commented.
An analyst said it was too soon to know whether the ceasefire would last.
Fighting and attacks in the Middle East were still creating worries about oil supplies.
Some ships were reportedly attacked near the Strait of Hormuz.
Goldman Sachs raised its forecast for the price of Brent oil later this year.
Energy companies were also working to restart production after a hurricane hit the Gulf of Mexico.
Brent fell $1.37 to $103.35 a barrel, while U.S. West Texas Intermediate dropped $1.30 to $90.55.
Donald Trump said Russia and Ukraine had agreed to halt attacks on each other's energy facilities; Ukraine's Volodymyr Zelenskiy said he was awaiting details, and Russia did not comment.
Analysts said the reported ceasefire eased immediate supply concerns, but its validity and durability remained uncertain.
Conflict-related risks in the Middle East, including reported attacks near Riyadh airport and on tankers around the Strait of Hormuz, continued to support oil prices.
Goldman Sachs raised its December Brent forecast to $90 a barrel, while Shell, Chevron and BP sought to restore production after Hurricane Isaias.
- Who
- Oil traders, after U.S. President Donald Trump said Russia and Ukraine had agreed to halt attacks on each other's energy facilities.
- What
- Oil prices fell amid hopes the reported ceasefire could ease supply concerns, while Middle East risks continued to support prices.
- When
- Monday; prices were reported at 0037 GMT.
- Where
- Global oil markets, with supply risks also reported in the Middle East and the Gulf of Mexico.
- Why
- Expectations of increased Russian supplies weighed on prices, while conflict-related risks and uncertainty about the ceasefire limited the decline.
Factors easing prices
Factors supporting prices
Reported Russia-Ukraine energy ceasefire
Factors easing prices
The reported halt to attacks on energy facilities could ease immediate supply pressure and allow more Russian supplies.
Factors supporting prices
The agreement's details, validity and durability were uncertain; Zelenskiy was still waiting for details and Russia had not commented.
Middle East supply risks
Factors easing prices
Goldman Sachs analysts said adapting Middle East supply could eventually reduce crude prices.
Factors supporting prices
Regional conflict and reported attacks on tankers near the Strait of Hormuz threatened supply and could add further upward pressure.
- Brent price
- $103.35 a barrel, down $1.37 or 1.31% at 0037 GMT
- West Texas Intermediate price
- $90.55 a barrel, down $1.30 or 1.42% at 0037 GMT
- Reported ceasefire
- Trump said Russia and Ukraine had agreed to halt attacks on each other's energy facilities
- Ukraine's response
- Volodymyr Zelenskiy said he was waiting to see details; Russia did not comment
- Goldman Sachs Brent forecast
- $90 a barrel for December, raised from $85
- Goldman Sachs risk estimate
- Analysts estimated a risk premium of just over $20 a barrel
- Gulf of Mexico
- Shell, Chevron and BP were seeking to redeploy personnel and restore platform production after Hurricane Isaias