Oil prices fell on Monday as expectations of additional Russian diesel supplies eased concerns about fuel shortages, although fresh attacks in Saudi Arabia kept fears of a wider Middle East conflict alive.
Brent crude fell to $103.76 a barrel on Monday, October 12, 2026, down 0.92% from the previous session, according to the CFD benchmark tracked by The High Street Journal. Despite the decline, the price remains 63.86% higher than a year ago.
Reuters also reported a fall in Brent futures during early trading, as markets responded to the prospect of more diesel entering the market. Diesel is widely used by trucks, farming equipment and industries, so shortages can push up transport and production costs.
Russia offers more diesel
US President Donald Trump said on Friday that Russia had agreed to supply more than 300,000 tonnes of diesel to the United States and other markets following talks with Russian President Vladimir Putin.
Trump also said further deliveries were expected in the coming months. The announcement raised hopes that additional fuel supplies could help ease shortages and bring prices down.
However, the effect will depend on how much fuel is actually delivered and how quickly it reaches buyers.
Proposed ceasefire offers hope
Trump also said Russia and Ukraine had agreed to stop attacking each other’s energy facilities.
Such a move could help protect oil refineries and other infrastructure needed to produce and supply fuel. But it remains unclear whether the two sides have fully agreed to stop the attacks.
Ukrainian President Volodymyr Zelenskiy said Russian attacks on Ukrainian energy facilities continued after Trump’s announcement. He said Ukraine was prepared to stop attacking Russian energy sites if Moscow did the same.
Without a clear commitment from both sides, the proposed ceasefire has yet to guarantee that attacks on energy facilities will stop.
Attacks in Saudi Arabia raise fresh concerns
While expectations of more Russian fuel supplies helped push prices down, developments in the Middle East continued to pose risks.
Yemen’s Iran-aligned Houthi movement claimed responsibility for an attack on Riyadh’s international airport on Saturday. Saudi authorities reported casualties, while a further attack on Sunday killed one person and injured 11, according to Reuters.
Saudi Arabia is one of the world’s major oil producers. Continued attacks could threaten energy facilities and shipping routes, while a wider conflict could disrupt the movement of oil to international markets.
Trump has said he is considering whether the United States should join Saudi Arabia in military action against the Houthis in Yemen. Such a move could widen the conflict and increase uncertainty over regional oil supplies.
Saudi Arabia and Iran discuss tensions
Saudi Arabia and Iran have also held discussions about the latest escalation and efforts to reduce tensions.
Saudi Foreign Minister Prince Faisal bin Farhan spoke with Iranian Foreign Minister Abbas Araghchi, according to the Saudi state news agency. The discussions focused on regional developments and efforts to address the growing tensions.
The contact offers a possible diplomatic route to easing tensions, although no agreement to end the attacks has been announced.
For now, expectations of additional Russian diesel supplies have helped ease some concerns about fuel availability. But the continuing attacks in Saudi Arabia and uncertainty over the proposed Russia-Ukraine ceasefire mean that risks to global energy supplies remain.
