December Brent falls 0.2% to $104.53 after post-Riyadh rally reverses

Riyadh airport attacks killed 13; tankers struck near Oman and Hormuz

Oil prices fell Monday as traders weighed a prospective increase in Russian diesel exports and Trump’s claim that Russia and Ukraine had agreed to halt attacks on each other’s energy facilities against persistent Middle East supply risks.

December Brent crude futures declined 0.2% to $104.53 a barrel, while December West Texas Intermediate futures dropped 0.4% to $90.69 a barrel.

According to Saxo Bank, Brent briefly climbed above $105.50 a barrel overnight following attacks on Riyadh’s international airport before reversing gains. Russia’s partial lifting of its diesel-export ban provided modest downward pressure on prices, the bank said.

Trump said Sunday that Russia and Ukraine had agreed to stop attacking each other’s energy facilities, though Moscow has not confirmed the agreement.

The announcement followed a Friday agreement with Russian President Vladimir Putin under which Russia would supply more than 300,000 metric tons of diesel to U.S. and global markets, with an additional 500,000 tons expected in November.

Vivek Dhar, a commodity analyst at Commonwealth Bank of Australia, said in a research note that the prospective Russian diesel exports could provide some relief to a market facing fuel shortages, though their impact will depend on Ukraine’s continued attacks on Russian oil infrastructure.

Saudi Arabia’s General Authority of Civil Aviation said an attack on King Khalid International Airport in Riyadh on Saturday killed 12 people and injured 309. The authority reported a follow-up attack on Sunday killed one person and injured 11.

Maritime attacks on oil tankers also continued over the weekend. The United Kingdom Maritime Trade Operations agency said a tanker near Oman’s Sohar anchorage was struck by an uncrewed aerial vehicle Sunday. A second tanker was struck by an unidentified projectile while transiting outbound through the Strait of Hormuz, causing damage to the vessel; the crew of the second tanker was reported safe, the agency said.