Oil fell on October 12, 2026, after President Donald Trump said and Ukraine would stop targeting each other's energy facilities. for December delivery dropped 1.33% to $103.33 a barrel, and for November fell 1.68% to $90.31.
Trump called it an energy ceasefire in a social media statement on October 11. Both sides had agreed, he said, and warned them not to break it.
Ukrainian President said Ukraine supports the ceasefire and that it matters whether does too.
The deal covers energy facilities only. The war continues; what stops is the strikes that move fuel prices.
Supply was already loosening. Trump said on October 9 that Moscow will ship more than 4 million tons of diesel to the global market under a deal he struck with Putin by phone.
In the Middle East, Iran's foreign minister phoned Saudi Arabia's foreign minister Faisal bin Farhan bin Abdullah to discuss the region's recent escalation and efforts to address it, according to the .
reported that Araghchi said was ready to help start dialogue between Saudi Arabia and Yemen's .
The call followed a strike. Houthi missiles hit on October 10, killing 12 people and injuring more than 300.
Iran's offer to broker talks is a response to a strike by the group it would be brokering with — the two Middle East facts are one chain, not two.
said in a note on October 12 that the strikes had materially elevated Middle East . The bank also said Hurricane Isaias had strengthened to Category 3 with 120mph winds as it approached the U.S. Gulf Coast, forcing energy producers to cut offshore output.
Oil prices are expected to stay volatile while the U.S.-Iran conflict continues.