Oil Price Today (October 13): Crude oil falls to $105 as traders assess Russian supply, Mideast attacks. What’s next?
Brent crude futures fell 61 cents, or 1.05%, to $105 a barrel, while US West Texas Intermediate crude futures declined 92 cents, or 1.05%, to $93 a barrel. Brent settled at $106.65 a barrel on Monday, its highest level since September 15. Oil prices have surged more than 70% this year as the US war on Iran rattled global energy markets.
Oil prices retreated Tuesday after a $2 increase the day before, as traders evaluated supply risks stemming from attacks on Saudi Arabia and potential Russian diesel supplies, according to the source. President Trump disclosed that Russia had consented to diesel deliveries to global markets, while his administration temporarily relaxed sanctions on Russian fuel imposed to curb Moscow's war funds in Ukraine.
Brent crude futures declined 61 cents, or 1.05%, to $105 a barrel, while U.S. West Texas Intermediate (WTI) crude futures slipped 92 cents, or 1.05%, to $93 a barrel. Brent reached $106.65 a barrel on Monday, its highest level since September 15. Oil prices surged more than 70% this year due to the U.S. conflict with Iran, causing global energy market turbulence.
The extra supplies could alleviate tightness in global fuel markets and mitigate some supply concerns that fueled crude prices recently, but lawmakers from both parties in the U.S. contended Trump's agreement with Russian President Vladimir Putin breached U.S. law restricting Russian energy imports until Moscow ceases Ukraine aggression.
The ongoing risks to Gulf energy infrastructure and shipping routes loomed after Iran-aligned Houthis targeted Riyadh's international airport over the weekend, and tanker attacks were reported near the Strait of Hormuz. These threats could disrupt the recovery in Middle East supplies, which expanded in September, and heighten concerns about further interruptions along one of the world's most crucial energy transit routes.
OPEC and non-OPEC ministers participating in the Declaration of Cooperation reported shipping and insurance costs surged to unprecedented levels, surpassing one-third of the commodity's value and hindering efficient crude oil and petroleum product movement.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
