Brent fell 1.2% to $105.35 a barrel on Tuesday, October 13, around 03:29 GMT, its first drop in nearly a week, after the announcement of possible additional Russian diesel supplies temporarily eased fears over supply from the Gulf.
West Texas Intermediate, the US crude benchmark, was losing $1.25 at the same time, or 1.3%, to $92.49. Both benchmarks had gained nearly two dollars the previous day, with Brent closing at its highest level since September 15.
US President Donald Trump said Russia had agreed to supply diesel to the markets, while his administration temporarily lifted sanctions on Russian fuels. The actual scope of these volumes remains uncertain, however, particularly after new reports of Russian strikes on Ukrainian energy infrastructure.
Supply risks have not disappeared. Attacks attributed to the Iran-allied Houthis hit Riyadh's international airport over the weekend, and incidents involving tankers were reported near the Strait of Hormuz, the central passage for Gulf exports.
OPEC and its partners said on Monday that transport and insurance costs now exceed one-third of the value of energy cargoes in some disrupted flows. Their statement says these costs are slowing the movement of crude and refined products and fuelling inflationary pressures in both producer and consumer countries.
For African economies that import fuel, the day's decline offers little relief as long as the barrel stays above $100 and maritime surcharges persist. Exporters may benefit from high prices, but the effect on revenues depends on available volumes and logistical disruptions.
OPEC Secretary General Haitham Al Ghais also cut his estimate of world oil demand growth in 2026 to 400,000 barrels per day, from 1.4 million previously envisaged at the start of the year, while anticipating a postponement of part of demand to 2027.