This photo shows a general view of fuel tanks at a fuel depot near King Khalid International Airport in Riyadh, September 19, 2026.
AFP | Getty Images
Oil fell on Monday on optimism about improving supplies after President Donald Trump said Russia and Ukraine would not target each other’s energy facilities, while Iran reached out to Saudi Arabia following the Houthi attack on the kingdom.
International benchmark futures brent crude oil Prices for December delivery fell 1.65% to $102.99 per barrel. us West Texas Intermediate Futures In November, the price fell by 1.92% to $90.09 per barrel.
“Effective immediately, there is an energy ceasefire in the war between Russia and Ukraine. Both sides have agreed. Do not break it!” President Trump said in a statement on social media.
“Ukraine supports the ceasefire and it is important that Russia also supports it,” Ukrainian President Volodymyr Zelensky said in a social media post.
Prospects that more Russian energy will be supplied to the market after the deal with the United States also grew after President Trump said on Friday that Russia would supply more than 4 million tons of diesel to the global market under the deal signed in a phone call with President Putin.
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Iranian Foreign Minister Abbas Araghchi spoke by phone with Saudi Arabia’s Foreign Minister Faisal bin Farhan bin Abdullah to discuss the recent escalation in the region and efforts to address it, according to the Saudi state news agency.
Al Jazeera reported that Aragushi said that Iran was ready to provide support to start talks between Saudi Arabia and Yemen’s Houthis.
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Oil prices are expected to remain volatile in the short term as the conflict between the US and Iran continues, while the impact of Hurricane Isaias on US energy producers could also have a negative impact on supply.
“Pressure on oil prices may remain on an upward trend as Hurricane Isaias strengthens to Category 3 with wind speeds of 190 miles per hour as it approaches the U.S. Gulf Coast, forcing energy producers to reduce offshore production,” UOB said in a note on Monday.
“Separately, the Houthi missile attack on Saudi Arabia’s Riyadh airport on Saturday, killing 12 people and injuring more than 300, significantly increased the risk premium in the Middle East,” UOB added.
