Brent Crude Hits $107 Amid Middle East Tensions

On October 13, Brent crude oil prices increased to nearly $107 per barrel, rising by $2.09, or two percent, amid escalating tensions in the Middle East. This price surge followed a weekend of attacks, including a Houthi strike on Riyadh's international airport on October 11, which resulted in 13 fatalities and over 300 injuries.

Additional attacks on oil tankers near Oman and the Strait of Hormuz further intensified concerns regarding the stability of oil supplies. Despite these developments, expectations of increased Russian diesel exports were noted, with an announcement from United States President Donald Trump on October 10 regarding Russia's commitment to supply over 300,000 metric tonnes of diesel, equivalent to about 2.25 million barrels, to the U.S. and global markets.

Furthermore, Russia lifted restrictions on diesel exports, allowing an additional 500,000 tonnes, approximately 3.7 million barrels, to enter the international market. However, Ukrainian President Volodymyr Zelensky accused Russia of violating the energy infrastructure ceasefire agreement on October 13.