Morning Edition · Tue 13 Oct 2026
Brent Climbs to $106.65 as Gulf Attacks Lift Supply Risk Premium
Oil rose about 2% on Monday as Houthi attacks on Saudi Arabia overshadowed the prospect of more supply from President Trump's Russian diesel deal, while gold slipped from a one-week high.
Chanan Zevin - Chief Editor and Head of Desks
Published
Crude at a two-week high
Brent crude gained 1.84% to settle at $106.65 a barrel on Monday, October 12, and US West Texas Intermediate rose 2.06% to $93.74, CNBC reported. Earlier in the session Brent touched $106.76, its highest since September 29, according to an EconoTimes market roundup.
Prices had fallen around 1.5% in Asian trading after Mr Trump announced an “energy ceasefire” between Russia and Ukraine, before reversing when Ukrainian President Volodymyr Zelenskyy said Moscow had already violated it, CNBC reported.
A risk premium on shipping
Attacks on Saudi Arabia outweighed the prospect of increased supplies after Mr Trump hailed fresh Russian diesel exports, EconoTimes reported. High costs to ship oil amid Middle East tensions are adding premiums on top of Brent and WTI futures, CNBC's Brian Sullivan reported, as global shipping stocks reached record highs. The State Street Energy Select Sector SPDR ETF touched an intraday all-time high, its first in more than a month, according to CNBC.
Gold eases
Spot gold slipped 0.5% to $4,172.36 an ounce by 9:44 a.m. EDT on Monday after touching its highest level since October 2, pressured by a firmer dollar and higher oil prices, EconoTimes reported. US gold futures for December delivery fell 0.5% to $4,196.20.