Oil rises as Saudi Arabia vows response to attacks

Oil prices surged as Saudi Arabia vowed a response to recent attacks, as doubts lingered over US President Donald Trump's claim of an "energy ceasefire" between Ukraine and Russia. The strikes on Saudi Arabia's Riyadh airport over the weekend pushed oil well above $100, while efforts to secure a Russia-Ukraine energy truce remained muddled.

Russian officials offered no clarity on whether an agreement had been reached with Ukraine to cease attacks on energy infrastructure, as Trump's unilateral announcement of an "energy ceasefire" left many confused. Ukrainian President Volodymyr Zelenskyy expressed frustration, stating that "Russia is unwilling to accept an energy ceasefire proposed by the United States" after his country endured six energy facility attacks.

The corporate earnings season intensified scrutiny on markets, with US banking giants JP Morgan, Goldman Sachs, and Bank of America set to report on Tuesday. Tech giants will follow later in October and November, as traders focus on the AI sector's outlook. Tech companies are expected to report a 24.3% increase in earnings per share compared to the third quarter of 2025, according to CFRA.