Oil falls on supply hopes, trades above $105
MG News | October 12, 2026 at 10:53 AM GMT+05:00
October 12, 2026 (MLN): Oil prices declined on Monday amid hopes of improved global supplies following a proposed ceasefire targeting energy infrastructure between Russia and Ukraine, alongside diplomatic outreach by Iran to Saudi Arabia after Houthi attacks on the kingdom.
Currently, Brent crude futures is up, 0.58%, at $105.33 per
barrel, according to data by Mettis Global.
West Texas Intermediate (WTI) crude futures is down by $0.57,
or 0.62%, to $92.42 per barrel by [10:48 am] PST.
US President Donald Trump declared on Sunday that Russia and
Ukraine had agreed to an immediate halt to attacks on each other’s energy
facilities. Ukrainian President Volodymyr Zelenskyy welcomed the proposal,
expressing support for the ceasefire and calling on Moscow to honour the agreement.
Expectations of increased Russian fuel supplies have also
weighed on prices after Trump said Moscow would supply more than 4 million
tonnes of diesel to international markets under an arrangement discussed with
Russian President Vladimir Putin during a telephone conversation on Friday,
according to CNBC.
Meanwhile, Iranian Foreign Minister Abbas Araghchi spoke
with Saudi Foreign Minister Faisal bin Farhan bin Abdullah to discuss
escalating regional tensions and diplomatic efforts to contain them, according
to Saudi state media. Al Jazeera reported that Araghchi also offered Iran’s
assistance in facilitating dialogue between Saudi Arabia and Yemen’s Houthis.
However, oil markets remain exposed to significant supply
risks amid the continuing US-Iran conflict and the potential impact of
Hurricane Isaias on American energy production.
United Overseas Bank (UOB) said in a Monday note that upward
pressure on oil prices could persist as Hurricane Isaias strengthened to
Category 3, with winds reaching 120 miles per hour, while approaching the US
Gulf Coast. The storm has prompted energy producers to reduce offshore output,
raising concerns about potential supply disruptions.
The bank also highlighted increased geopolitical risks following Houthi missile strikes on Riyadh airport in Saudi Arabia on Saturday, which reportedly killed 12 people and injured more than 300, adding to the risk premium in global oil markets.
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|---|---|---|
| KSE100 | 166,002.24 51.16M | -0.65% -1087.04 |
| ALLSHR | 100,720.36 165.98M | -0.39% -397.04 |
| KSE30 | 49,287.71 19.83M | -1.11% -554.00 |
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| BKTi | 45,882.70 4.27M | -0.75% -346.07 |
| OGTi | 33,752.97 1.69M | -0.65% -221.69 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 83,765.00 | 84,320.00 82,645.00 | 1295.00 1.57% |
| BRENT CRUDE | 105.33 | 105.43 104.70 | 0.61 0.58% |
| RICHARDS BAY COAL MONTHLY | 128.50 | 0.00 0.00 | 1.00 0.78% |
| ROTTERDAM COAL MONTHLY | 143.40 | 0.00 0.00 | -0.70 -0.49% |
| USD RBD PALM OLEIN | 1,167.50 | 1,167.50 1,167.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 92.42 | 92.43 91.71 | 0.57 0.62% |
| SUGAR #11 WORLD | 20.27 | 20.44 20.09 | 0.12 0.60% |
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