Business · Energy & Commodities · 1 hr ago
Brent crude rebounds to $106.65 as shipping and security risks weigh
Brent crude fell to $103.18 on the morning of Oct.
12, then rose 1.8% to close at $106.65.
Expectations that Russia could send more diesel to global markets briefly eased concern about fuel supplies.
But the expected shipments have not yet been delivered, and it is unclear when or how much supply will increase.
Attacks in Saudi Arabia and reports of attacks on oil tankers added to security concerns in the Middle East.
OPEC+ ministers said shipping and insurance costs had risen to more than a third of the value of the products being transported, making timely deliveries harder and raising costs for producers and consumers.
The rise could add cost pressure for energy-importing countries such as Turkey, but it does not by itself mean petrol or diesel prices at the pump will increase.
Brent crude fell to $103.18 on the morning of October 12 before closing the day at $106.65, up 1.8%.
Security risks in the Middle East and higher shipping costs outweighed expectations of additional Russian diesel supplies.
Attacks targeting Saudi Arabia and reports of attacks on oil tankers added to market concerns.
OPEC+ ministers said shipping and insurance costs had risen to more than one-third of the value of the products.
The price movement does not by itself mean that petrol or diesel prices at the pump will rise.
- Who
- Brent crude traders and OPEC+ producers are involved in the market developments.
- What
- Brent crude rebounded to $106.65 after falling to $103.18.
- When
- October 12, 2026. Brent was at $106.04 in the early hours of October 13.
- Where
- Global oil markets, amid security risks in the Middle East.
- Why
- Concerns about attacks, shipping security and higher transport costs outweighed expectations of increased Russian diesel supply.
This story does not have two clearly opposing sides.
Brent crude fell to $103.18.
OPEC+ ministers met and said shipping and insurance costs had risen to more than one-third of product value.
Brent ended the day at $106.65, up 1.8%.
Brent eased to $106.04 but remained above its level from the previous morning.
- Brent close
- $106.65 on October 12
- Brent intraday low
- $103.18 on October 12
- Daily change
- Up 1.8%
- WTI price
- $93.74
- Shipping and insurance costs
- More than one-third of product value
- Saudi airport attacks
- King Khalid International Airport in Riyadh and King Fahd International Airport in Dammam were targeted on October 11
Sources
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