Crude Oil Prices Fall as Russian Diesel Supply Prospects Ease Supply Concerns | October 13, 2026

Crude oil prices edged lower on Tuesday, October 13, 2026, after rising by nearly US$2 a barrel in the previous session. Markets weighed the prospect of additional diesel supplies from Russia against growing concerns over attacks on Saudi Arabia and shipping routes in the Gulf. 

Brent crude futures fell 61 cents, or 0.57%, to US$106.04 a barrel by 0000 GMT. US West Texas Intermediate (WTI) crude futures declined 47 cents, or 0.5%, to US$93.27 a barrel. Brent had settled at US$106.65 on Monday, its highest level since September 15. 

Russian Diesel Supplies Ease Market Concerns 

US President Donald Trump said Russia had agreed to supply diesel to global markets. His administration also temporarily lifted US sanctions on Russian fuel, which had been intended to restrict Moscow's revenue amid its war against Ukraine. 

The prospect of additional supplies could ease tightness in global fuel markets and reduce some of the pressure supporting crude oil prices. 

However, the decision has drawn criticism from lawmakers in both US political parties, who argued that the agreement with Russian President Vladimir Putin appeared to breach US legislation restricting Russian energy imports until Moscow ends its aggression against Ukraine. 

Gulf Attacks Keep Supply Risks in Focus 

Concerns over disruptions to energy supplies remained elevated following attacks on Saudi Arabia and shipping routes near the Strait of Hormuz. 

Iran-aligned Houthis struck Riyadh's international airport over the weekend, while tanker attacks were reported near the Strait of Hormuz. These incidents raised concerns about the safety of energy infrastructure and shipping lanes across a region vital to global oil supplies. 

The attacks also threatened to reverse the recovery in Middle Eastern supplies recorded in September, adding to uncertainty over the movement of crude oil and refined products. 

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Higher Shipping Costs and Lower Demand Forecast 

Ministers from OPEC and participating non-OPEC countries reported that shipping and insurance costs had risen to unprecedented levels, exceeding one-third of the commodity's value. These expenses are making the transportation of crude oil and petroleum products more difficult. 

OPEC Secretary General Haitham Al Ghais also said on Monday that the organisation had lowered its forecast for global oil demand growth this year to 400,000 barrels per day, from 1.4 million barrels per day at the beginning of the year. 

Conclusion 

Crude oil prices remain influenced by competing supply factors. Potential Russian diesel shipments could ease fuel market tightness, but attacks on Gulf infrastructure, rising transport costs and weaker oil demand expectations continue to shape market movements. 

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