Oil Down as Russian Supply Prospects Counter Gulf Risks
Brent and West Texas Intermediate slipped as traders weighed a six-month Russian diesel supply deal against attacks that lifted Gulf shipping risks.
- On Tuesday, oil prices fell as traders weighed additional Russian diesel supplies against supply risks from attacks on Saudi Arabia. Brent crude futures dropped 1.1% to $105.47 a barrel, while West Texas Intermediate fell 1.3% to $92.57.
- President Donald Trump authorized temporary relief on sanctions against Russian fuel to facilitate global diesel supply, drawing bipartisan criticism from lawmakers who argue the move violates US law barring Russian energy imports.
- Iran-Aligned Houthis attacked King Khalid International Airport in Riyadh on Saturday, leaving 12 people dead and more than 300 injured. Reports also emerged of tanker strikes near the Strait of Hormuz.
- Tim Waterer, chief analyst at KCM Trade, said the market remains more concerned about risks to Gulf infrastructure than reassured by extra barrels. "Until we see clearer signs of de-escalation, the path of least resistance still leans higher," he said.
- Following reports of continued Russian strikes on Ukrainian targets, ING analysts expressed skepticism over the Russia-Ukraine energy ceasefire. Goldman Sachs estimates additional Russian diesel will lower wholesale prices by only $1 to $2 a barrel.
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Oil Prices Fall as Potential Russian Diesel Exports Ease Supply Concerns
Oil prices dropped as traders assessed the prospect of increased Russian diesel exports alongside persistent threats to energy infrastructure and shipping routes in the Middle East. OPEC also lowered its forecast for oil-demand growth in 2026, adding to concerns about the outlook for global fuel markets.
European Shares Rise As Oil Prices Ease On Russian Diesel Supply Deal
European shares edged higher on Tuesday as oil prices eased and investors reacted to a slew of earnings. Brent crude prices fell nearly 2 percent toward $105 a barrel, snapping a three-session winning streak as Russia partially lifted its diesel export restrictions, helping ease supply constraints in global fuel markets.
Oil prices declined as Russian diesel supplies increased, amid fears of attacks on energy installations and oil tankers in the Gulf, while OPEC reduced its prospects for the growth of global crude demand this year.
The oil has been cheap despite the threat of supply disruptions from the Middle East, and the Traders are assessing the risks of new attacks in the Persian Gulf and the possible increase in Russian diesel exports.
Oil prices fell amid the prospect of increased supplies of diesel fuel from Russia <p>Brent and WTI fell in price after Trump's announcement of additional supplies of Russian diesel. US sanctions on fuel temporarily weakened.</p>
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