Business · Energy & Commodities · 5 hrs ago
Oil prices steady as Middle East and Russia supply risks persist
Oil prices steadied after three sessions of gains as traders took profits from a recent rally.
Brent settled below $106 a barrel, while US benchmark West Texas Intermediate rose slightly.
Fighting and attacks are threatening energy supplies across the Middle East, including missile and drone attacks by Yemen’s Houthis on Saudi Arabia and Iranian attacks on ships in the Strait of Hormuz.
The Strait is a key route for Gulf oil exports, and crude prices have risen more than 70% this year amid supply disruptions.
A proposed Russian diesel deal has not eased doubts about supply: US President Donald Trump announced it, but neither Russia nor Ukraine had committed to stop attacks on energy infrastructure.
Russia is also shipping less crude as security fears slow operations at a key Black Sea port.
Saudi Arabia plans to expand routes that bypass Hormuz, and its energy minister said existing gas pipelines could be repurposed to add 1.2 million barrels a day of export capacity within seven to eight weeks.
Oil prices were little changed after three sessions of gains as traders booked profits.
Brent settled below $106 a barrel, while West Texas Intermediate posted a marginal gain.
Supply risks remained in focus, including Houthi attacks on Saudi Arabia and Iranian attacks on ships in the Strait of Hormuz.
Russia was also shipping less crude as security fears slowed operations at a key Black Sea port.
Saudi Arabia said it could add export capacity by repurposing existing gas pipelines to bypass the Strait of Hormuz.
- Who
- Oil traders and market participants. Saudi Arabia, Iran, Russia and the United States were also involved in developments affecting supply.
- What
- Oil held steady after three sessions of gains as traders took profits and supply risks persisted.
- When
- The session reported on October 13, 2026, after three sessions of gains.
- Where
- Global oil markets, with supply risks centered on the Middle East, the Strait of Hormuz and Russia.
- Why
- Traders booked profits during a lull in major developments, while ongoing threats to energy supplies continued to support prices.
This story does not have two clearly opposing sides.
A Houthi assault on Riyadh’s main airport killed at least 16 people and wounded about 300.
Donald Trump acknowledged that neither Russia nor Ukraine had committed to stop attacks on the other’s energy infrastructure.
Saudi Arabia intercepted more missiles and drones launched by Yemen’s Houthis.
Oil held steady after three sessions of gains, with Brent settling below $106 a barrel and WTI posting a marginal gain.
- Brent crude
- Settled below $106 a barrel
- WTI crude
- Posted a marginal gain
- Crude price increase
- More than 70% this year
- Saudi export capacity
- Could rise by 1.2 million barrels a day within seven to eight weeks
- Riyadh airport attack
- At least 16 killed and about 300 wounded
2 sources
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What people are saying
The prospect for increased Russian diesel is limiting today’s move, but there is skepticism over that deal.
We enter a dangerous cycle.