Oil Swings as Traders Weigh Ceasefire and Diesel Plans

Oil prices swung on Monday, October 12, as traders weighed President Donald Trump’s announcement of a Russia-Ukraine energy ceasefire and his claim that Russia would supply diesel against continuing risks to Middle East oil flows. Prices initially fell on expectations of additional fuel supplies, then rose later in the session as supply concerns persisted. Neither the ceasefire nor the promised deliveries had been confirmed as implemented in the reporting available Monday. Early trading put Brent crude futures at $104.61 a barrel and U.S. West Texas Intermediate at $91.36, both lower than the previous session. Later reports showed Brent settling at $106.65, its highest level since September 15, and described further gains, with prices approaching $108 and WTI near $94. The readings reflect different times during a volatile session. Brent remained above $100 throughout the reported moves. Trump announced the ceasefire on October 11, saying Russia and Ukraine had agreed to stop attacking each other’s energy facilities.