Oil Turns Lower Despite Saudi Airport Attack

2026-10-11 23:24 By Jam Kaimo Samonte 1 min. read

Crude oil prices fell below $91 per barrel on Monday, reversing earlier gains as investors shrugged off deadly attacks on Riyadh's airport which prompted President Trump to consider joining Saudi Arabia in retaliating against Iran-backed Houthis in Yemen.

Riyadh’s King Khalid International Airport was targeted again on Sunday by Iran-backed Houthi militants, a day after an earlier strike killed 12 people and injured more than 300.

Meanwhile, a drone struck a tanker near the Sohar anchorage off Oman over the weekend, just outside the Strait of Hormuz, underscoring still-elevated supply risks despite signs of higher crude exports from the Persian Gulf.

Separately, Trump said Russia and Ukraine had agreed to an “energy ceasefire” that would take effect immediately.

In the US, the Department of Energy announced approval of an emergency exchange involving up to 4 million barrels of crude oil from strategic reserves to help mitigate supply disruptions caused by Hurricane Isaias.



News Stream
Oil Drops on Russian Diesel Supply Hopes
Crude oil prices fell toward $90 per barrel on Monday, ending a two-session rally as expectations that Russian diesel supplies could help alleviate global fuel shortages weighed on prices. On Friday, President Donald Trump said his administration had reached an agreement for Russia to provide hundreds of thousands of tons of diesel fuel, signaling a partial easing of Moscow’s export ban. Trump also claimed that Russia and Ukraine had agreed to an “energy ceasefire” that would take effect immediately. Meanwhile, Saudi Arabia’s main airport was targeted again on Sunday by Iran-backed Houthi militants, a day after an earlier strike killed 12 people and injured more than 300. The attacks prompted Trump to consider joining Saudi Arabia in retaliatory action against the Houthis in Yemen. Separately, a drone struck a tanker near the Sohar anchorage off Oman over the weekend, just outside the Strait of Hormuz, highlighting persistent risks to global energy supplies.
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Oil Turns Lower Despite Saudi Airport Attack
Crude oil prices fell below $91 per barrel on Monday, reversing earlier gains as investors shrugged off deadly attacks on Riyadh's airport which prompted President Trump to consider joining Saudi Arabia in retaliating against Iran-backed Houthis in Yemen. Riyadh’s King Khalid International Airport was targeted again on Sunday by Iran-backed Houthi militants, a day after an earlier strike killed 12 people and injured more than 300. Meanwhile, a drone struck a tanker near the Sohar anchorage off Oman over the weekend, just outside the Strait of Hormuz, underscoring still-elevated supply risks despite signs of higher crude exports from the Persian Gulf. Separately, Trump said Russia and Ukraine had agreed to an “energy ceasefire” that would take effect immediately. In the US, the Department of Energy announced approval of an emergency exchange involving up to 4 million barrels of crude oil from strategic reserves to help mitigate supply disruptions caused by Hurricane Isaias.
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Oil Wavers on Potential Russian Diesel Release
Crude prices wavered near $91.50 a barrel on Friday after US President Trump said Russian President Putin had agreed to release diesel supplies into the global market. The US Treasury Department said the Office of Foreign Assets Control was “immediately issuing a temporary general license” to allow Russian diesel supplies to reach global markets. The proposed volume would amount to about 22.5 million barrels. Meanwhile, the US-Iran conflict has strained shipping, with a large tanker fleet tied up in ship-to-ship transfers outside the Strait of Hormuz, pushing global freight rates to record highs and reducing vessel availability on other routes. Eleven tankers came under attack while transiting Hormuz during the week that ended October 4th. Trump said earlier this week that he would not strike Iran again before the November midterm elections, citing what he described as productive discussions with Tehran. On the week, oil added around 0.2%.
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