The price decline follows a surge on Monday that saw Brent settle at $106.65, up 1.84%, and WTI at $93.74, up 2.06%, marking near two-week highs. Market volatility intensified after President Volodymyr Zelensky denied knowledge of an energy ceasefire mentioned by President Donald Trump, while accusing Russia of hitting 6 energy facilities. Supply risks remain elevated due to refinery disruptions in Russia and tight global crude availability ahead of winter.
Tuesday, October 20, 2026
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Oil Prices Slide From 2 Week High on Saudi Export Guarantee
Commodities8 days ago
Brent crude fell to $105.43 a barrel and West Texas Intermediate dropped to $92.60 on Tuesday, erasing recent gains after Saudi Arabia pledged to maintain its oil exports. Traders are weighing the Riyadh guarantee against escalating instability in the Middle East, where Houthi forces recently struck targets in Saudi Arabia and repeated attacks on supertankers in the Strait of Hormuz have forced some vessels to avoid the Persian Gulf.
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