Oil falls to $108 amid Russian supply prospects, Gulf tensions

October 19, 2026 (MLN): Crude oil prices declined on Monday as traders assessed the possibility of increased Russian supplies following U.S. sanctions relief, while attacks on Russian oil infrastructure and commercial tankers in the Persian Gulf continued to cloud the global supply outlook.

Currently, Brent crude futures is down, 1.70%, at $107.99 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is down by $1.63, or 1.65%, to $97.39 per barrel by [10:40 am] PST.

Ukraine launched a large wave of drone strikes on Sunday, triggering fires at an oil terminal and depot in St. Petersburg, according to Governor Alexander Beglov in a Telegram post. The extent of the damage at the facilities remains unclear, as reported by CNBC.

The St. Petersburg terminal exports around 120,000 barrels per day of refined petroleum products, primarily fuel oil, according to data from Kpler.

Ukraine had temporarily suspended strikes on Russian energy infrastructure after U.S. President Donald Trump announced on October 11 that Kyiv and Moscow had agreed to a truce.

Meanwhile, two tankers came under attack off the coast of Saudi Arabia in the Persian Gulf on Friday, according to incident reports from the United Kingdom Maritime Trade Operations Centre (UKMTO).

In one incident, a small boat fired a rocket-propelled grenade at an unidentified tanker 78 nautical miles northeast of Al Jubayl. Another vessel, the ST3, was struck by an unidentified projectile, UKMTO reported.

Iran has intensified attacks on tankers across the Persian Gulf, the Strait of Hormuz and the Gulf of Oman in an effort to disrupt crude oil exports from the region, adding to uncertainty over global supplies.

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