- Brent crude rose $2.09, or 2.00%, to $106.80 per barrel on Monday morning, and West Texas Intermediate gained 2.10% to $93.78.
- A Houthi strike on Riyadh's international airport on Saturday killed 13 people and wounded more than 300, and further attacks were reported Sunday.
- Two tankers were struck near Oman and in the Strait of Hormuz, threatening the recovery in Gulf oil exports.
- Gulf oil exports reached 81% of prewar levels in September, with crude and condensate at 91% and refined-product exports at 60%.
- Goldman Sachs raised its December Brent forecast to $90 per barrel from $85, estimating geopolitical risks add just over $20 per barrel to prices.
- OPEC cut its 2026 global demand growth forecast to 400,000 bpd from 1.4 million bpd at the start of the year, and the IEA forecasts a 2.5-million-bpd decline in 2026.
- Trump announced additional Russian diesel supplies and a Russia-Ukraine energy infrastructure ceasefire, but Zelensky accused Russia of violating the agreement on Monday.
Quotes
“the producer group now expects demand to grow by just 400,000 barrels per day in 2026”