Oil falls on hopes Russia-Ukraine energy ceasefire will boost supplies

Business Recorder reported that crude benchmarks eased on Monday, with Brent futures down $1.54, or 1.47 per cent, at $103.18 a barrel by 0154 GMT. Traders were betting on additional Russian barrels after Donald Trump said Kyiv and Moscow had agreed to stop hitting each other's energy sites, a move that came alongside a US diesel-supply arrangement with Moscow. West Texas Intermediate was priced at $90.31 a barrel, marking a decline of $1.54, or 1.68 per cent.

The Middle East conflict nonetheless kept Brent above $100 a barrel. The Houthis took responsibility for a Saturday assault on Riyadh's international airport, which left 13 dead and more than 300 injured, while Trump said Washington was weighing a role in Saudi strikes against the group. Separately, tanker attacks in the Strait of Hormuz this month could hamper a recovery in Middle East crude exports seen in September.

Goldman Sachs raised its December Brent forecast to $90 a barrel from $85, while its analysts, led by Daan Struyven, said Mideast supply adjustments should eventually push prices lower. Its WTI projection is $81 for December 2026 and $73 for 2027, with the discount to Brent linked to elevated US-Europe shipping costs. Elsewhere, Shell, Chevron and BP are redeploying staff and trying to bring platforms in the Gulf of Mexico back to full output after Hurricane Isaias reached land on Saturday.