Oil prices declined slightly on Tuesday, October 13, 2026, following a rise in the previous session. The price movement occurred as energy traders balanced the prospect of new diesel supplies from Russia against regional supply risks following attacks in Saudi Arabia.
The decline follows a day of gains on Monday, October 12, when Brent crude reached its highest settlement price since September 15. U.S. President Donald Trump said Russia had agreed to supply diesel to global markets, and his administration temporarily lifted U.S. sanctions on Russian fuel designed to deprive Moscow of revenue for its war on Ukraine.
In market trading on Tuesday, Brent crude futures fell 61 cents, or 0.57%, to $106.04 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 47 cents, or 0.5%, to $93.27 a barrel. These shifts followed Monday's session where prices had climbed by nearly $2 per barrel. Tim Waterer, chief analyst at KCM Trade, stated that while Russian diesel and steadier Saudi flows provide some relief, the market remains concerned about potential hits to ships or pipelines in the Gulf.
U.S. lawmakers from both parties have stated that the agreement appears to violate U.S. law barring Russian energy imports until Moscow ends its aggression against Ukraine. President Trump said the additional supplies could help alleviate tightness in global fuel markets.
Ministers from OPEC and non-OPEC partners reported that shipping and insurance costs have surged to over one-third of the commodity value, impeding the movement of crude oil and products. Additionally, OPEC has revised down its oil demand growth forecast for the year to 400,000 barrels per day from an initial projection of 1.4 million barrels per day at the start of the year.
Over the weekend of October 10-11, Iran-aligned Houthi forces struck the international airport in Riyadh, Saudi Arabia, and tanker attacks were reported near the Strait of Hormuz. While the U.S. administration expressed hope that the diesel deal might encourage Moscow toward peace talks, Ukraine reported that Russia continued to strike its energy targets despite announcements of a ceasefire.