Oil prices slipped on Monday, October 12, 2026, on expectations of more Russian supplies after United States President Donald Trump said Ukraine and Russia had agreed to halt attacks on each other’s energy facilities following a US diesel-supply deal with Moscow.
Brent crude futures fell 11 cents, or 0.11%, to $104.61 a barrel by 0627 GMT, while US West Texas Intermediate crude was at $91.36 a barrel, down 49 cents, or 0.53%.
Both benchmarks were down more than 1% earlier in the session.
ICE gasoil futures fell 3% to $1,436 per metric ton after Trump said on Friday that Russia will immediately supply more than 300,000 metric tons (2.25 million barrels) of diesel to US and global markets.
Trump added that Russia would supply another 500,000 tons in November and a further 1 million tons “immediately thereafter”.
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The daily diesel consumption globally is forecast at close to 29 million barrels, according to the International Energy Agency.
Trump also unexpectedly announced on Sunday that Ukraine and Russia had agreed to an energy ceasefire, but Ukrainian President Volodymyr Zelensky said he was still waiting to see details of the energy ceasefire while Russia did not comment.
KCM Trade chief analyst, Tim Waterer, told Reuters the announcements eased some of the immediate supply pressure.
“Questions remain over the validity and longevity of any such ceasefire, and without clearer evidence that it will actually hold, the extent of the pullback is likely to stay limited,” Waterer added.
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