Oil Slips After Sharp Weekly Rise

2026-10-18 23:26 By Jam Kaimo Samonte 1 min. read

Crude oil prices fell below $101 per barrel on Monday but retained most of last week’s 10% surge, as escalating hostilities in the Middle East and Eastern Europe kept supply risks elevated.

Clashes between Saudi Arabia and Iran-backed Houthi rebels showed little sign of abating, with a Saudi helicopter crashing near the border with Yemen and the Houthis targeting Yanbu, a key oil export hub.

Three tankers were also damaged in the Strait of Hormuz over the weekend as Iran’s IRGC navy maintained that the waterway remained closed and vessels could pass only with its authorization.

In Europe, Ukrainian attacks sparked fires at an oil export terminal and a storage depot in St. Petersburg on Sunday, as Kyiv launched more than 1,000 drones at Russia in one of the war’s largest aerial assaults.

Meanwhile, US President Donald Trump said he had reached a diesel export agreement with Russia and postponed additional sanctions to avoid jeopardizing peace negotiations with Ukraine.



News Stream
Oil Slips After Sharp Weekly Rise
Crude oil prices fell below $101 per barrel on Monday but retained most of last week’s 10% surge, as escalating hostilities in the Middle East and Eastern Europe kept supply risks elevated. Clashes between Saudi Arabia and Iran-backed Houthi rebels showed little sign of abating, with a Saudi helicopter crashing near the border with Yemen and the Houthis targeting Yanbu, a key oil export hub. Three tankers were also damaged in the Strait of Hormuz over the weekend as Iran’s IRGC navy maintained that the waterway remained closed and vessels could pass only with its authorization. In Europe, Ukrainian attacks sparked fires at an oil export terminal and a storage depot in St. Petersburg on Sunday, as Kyiv launched more than 1,000 drones at Russia in one of the war’s largest aerial assaults. Meanwhile, US President Donald Trump said he had reached a diesel export agreement with Russia and postponed additional sanctions to avoid jeopardizing peace negotiations with Ukraine.
2026-10-18
Oil Surges Above $100 on Rising Supply Risks
Crude oil prices surged above $100 a barrel on Friday, rising more than 11% this week amid tightening supply and strong demand for fuel from the shipping industry. Producers are facing higher freight rates and risk premiums to transport cargoes through the Strait of Hormuz, keeping uncertainty over future regional supply elevated. Iranian strikes on tankers in the strait have sharply reduced oil flows. In the week to October 13th, average daily flows fell to 11.62 million barrels from a baseline of 17.15 million barrels. Security risks in the Persian Gulf have contributed significantly to the price rally. Meanwhile, Ukrainian drone attacks on Russian refineries have further constrained fuel supply. Adding to the pressure, US crude inventories fell by 8.56 million barrels in the week ended October 9th.
2026-10-16
Oil Set for Strong Weekly Gain
Crude oil prices held around $98 a barrel on Friday, more than 6% higher this week, as escalating Middle East tensions and supply disruptions outweighed plans to release emergency reserves. Concerns about restoring physical oil flows through the Persian Gulf intensified after US Central Command confirmed that the Singapore-flagged container ship GFS Pride sank while being towed to shore after an Iranian projectile struck it in the Strait of Hormuz. Nevertheless, more than 40 vessels transited the strategic waterway over the previous 24 hours, indicating that some traffic continues. Meanwhile, IEA members pledged to release the remaining 100 million barrels from an emergency intervention launched in March, following pressure from US officials. Separately, reports say Washington is considering easing sanctions on certain vessels carrying Iranian, Russian or Venezuelan oil.
2026-10-16