Business · Energy & Commodities · 59 mins ago
Oil prices fall as traders weigh Russian fuel supply against shipping risks
Oil prices fell on Tuesday after rising nearly $2 a barrel the day before.
Brent crude was at $105 a barrel, while US crude was at $93.
Traders were weighing US President Donald Trump’s statement that Russia had agreed to supply diesel, along with a temporary easing of US sanctions on Russian fuel.
More fuel could ease supply concerns, but the move has drawn criticism from US lawmakers who say it may break a law restricting Russian energy imports.
Attacks on Saudi Arabia and reports of tanker attacks near the Strait of Hormuz have raised concern that oil shipments could be disrupted.
Higher shipping and insurance costs are also making it harder to move oil and fuel.
Goldman Sachs has outlined a scenario where oil could reach $120 a barrel if attacks on vessels escalate, while prices could move towards $80 if exports return to normal.
Oil prices fell on Tuesday as traders weighed the prospect of more Russian diesel against risks to Middle East supply and shipping.
Brent crude futures dropped 61 cents to $105 a barrel, while US West Texas Intermediate futures fell 92 cents to $93.
US President Donald Trump said Russia had agreed to supply diesel to global markets, and his administration temporarily eased US sanctions on Russian fuel.
Attacks on Saudi Arabia and tanker incidents near the Strait of Hormuz raised concerns about further supply disruptions.
Goldman Sachs said oil could reach $120 a barrel if attacks on vessels escalate, but could move towards $80 if exports return to normal.
- Who
- Oil traders, with US President Donald Trump announcing Russia's agreement to supply diesel.
- What
- Oil prices fell as traders weighed additional Russian fuel supplies against risks to Middle East energy infrastructure and shipping.
- When
- Tuesday, October 13, 2026.
- Where
- Global oil markets; reported risks included Saudi Arabia and shipping near the Strait of Hormuz.
- Why
- The prospect of more Russian diesel could ease fuel-market tightness, while attacks and shipping risks threatened supplies.
This story does not have two clearly opposing sides.
Brent settled at $106.65 a barrel, its highest level since September 15.
Iran-aligned Houthis struck Riyadh's international airport.
Brent and US West Texas Intermediate crude futures fell as traders assessed supply and shipping risks.
- Brent crude
- $105 a barrel, down 61 cents
- US West Texas Intermediate
- $93 a barrel, down 92 cents
- Russian fuel
- The US administration temporarily eased sanctions
- Goldman Sachs escalation scenario
- Oil could climb to $120 a barrel
- Goldman Sachs normal-export scenario
- Prices could move towards $80 a barrel
What people are saying
Russia had agreed to supply diesel to global markets
recent attacks demonstrated how disruptions to shipping could spread and intensify
Sources
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