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Oil Declines as Markets Await US-Russia Diesel Deal and Supply Fears Ease

Brent crude fell 0.65% to $105.96 a barrel, while West Texas Intermediate rose 0.70% to $94.40, as traders monitor the possibility of a diesel deal between the US and Russia.

October 13, 2026
Oil Declines as Markets Await US-Russia Diesel Deal and Supply Fears Ease

Benchmark Brent crude fell 0.65% in Tuesday's trading to $105.96 a barrel for December contracts, while West Texas Intermediate (WTI) crude rose 0.70% to $94.40 for November contracts, according to Reuters.

The decline came as traders monitored the possibility of an agreement between the United States and Russia regarding diesel supplies, which could ease some pressure on refined oil product markets.

This was offset by ongoing concerns over potential disruptions to Middle East supplies, following recent attacks that raised market anxiety over the continuous flow of crude.

Oil trades between geopolitical pressures driving prices higher and signs of improved supplies pulling them down, leaving trading dependent on the progress of negotiations and any escalation in the region.

What do these terms mean?

Brent crude: One of the main global benchmarks for crude oil pricing, upon which many other crudes are priced.

West Texas Intermediate: The US benchmark crude traded on the New York Mercantile Exchange, serving as a reference for North American oil pricing.

Diesel: A type of fuel used in heavy vehicles, trucks, and trains, with its price linked to crude oil prices.

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