International oil prices rose on Monday, October 12, 2026, following a series of weekend drone and missile attacks by Houthi rebels on two major airports in Saudi Arabia. Brent crude, the global benchmark, closed at nearly $106 per barrel, an increase of approximately $1.20 from Friday’s close. West Texas Intermediate, the North American standard, reached $94.36 during Monday trading before closing at $93.16.
The Yemen-based Houthi group, which is aligned with Iran, targeted King Khalid International Airport in Riyadh and King Fahd International Airport in Dammam. According to Saudi Arabia’s General Authority of Civil Aviation (GACA), the attacks on King Khalid killed at least 13 people and injured more than 320 others. GACA reported on Sunday that it was still assessing damage at the Dammam airport, where injuries were also reported. Eyewitnesses in Riyadh stated that flights were stalled following the explosions.
These strikes occurred amid an eight-month conflict between the U.S. and Iran, which has already seen oil price spikes due to Iranian shipping restrictions in the Strait of Hormuz. In response to the weekend attacks, President Trump stated on Saturday at the White House that the U.S. "may" join Saudi Arabia in a military response, noting that a decision would be made "very quickly." Meanwhile, the Saudi government reported that it had intercepted ballistic missiles and conducted retaliatory strikes on Houthi-held areas in Yemen.
To address rising energy costs, President Trump announced a deal on Friday for Russia to supply diesel to U.S. and global markets. The agreement stipulates that Russia will immediately provide 300,000 tons of diesel, followed by 500,000 tons next month, 1 million tons thereafter, and 3 million tons within a short period, contingent on refinery conditions. However, a bipartisan group of senators, including Sen. Jeanne Shaheen (D-NH), has objected to the plan, citing a 2022 law that prohibits Russian energy imports without prior congressional consultation.
The conflict affects international trade routes and the stability of energy supplies from the Gulf region, which is currently on high alert. If fuel prices remain elevated, the impact will continue to be felt in household budgets through higher grocery prices, rents, and mortgages, as noted by Sen. Shaheen. While the Trump administration intends for the Russian diesel deal to provide immediate market relief, market analysts such as Patrick De Haan of GasBuddy expressed skepticism on Monday regarding whether the 300,000 to 4.8 million tons of promised Russian fuel will significantly lower costs for consumers or the trucking industry.
The situation now moves toward a potential military escalation as the U.S. weighs a response to the Houthi attacks. Domestically, the Russian diesel deal faces legal and political hurdles in Congress, where lawmakers must decide whether to waive existing import prohibitions. The effectiveness of the administration's energy strategy will be tested by the upcoming midterm elections in November 2026, as voters react to the sustained high cost of living. No specific dates for a congressional vote on the fuel sanctions or for a U.S. military decision have been reported.