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Brent Crude Prices Drop After Early Gains Amid Middle East Tensions
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CNBC TV18•12-10-2026, 06:11
Brent Crude Prices Drop After Early Gains Amid Middle East Tensions
- •Crude oil prices gave up early gains in Asia trading to trade with losses as traders monitored ongoing attacks in Saudi Arabia and the Strait of Hormuz.
- •Brent crude traded above $105 a barrel before cooling to near $103.5, while West Texas Intermediate hovered around $91 a barrel.
- •King Khaled International Airport in Riyadh was attacked, reportedly killing 12 people, and a drone hit a tanker near Oman.
- •The International Maritime Organization reported that 11 tankers came under attack while transiting the Strait of Hormuz in the week ending October 4.
- •Prices rose despite US President Donald Trump announcing an energy ceasefire between Russia and Ukraine and a diesel supply deal with Russia.
Key Questions Answered
Brent crude trades near $103.5 a barrel for its December contracts, while West Texas Intermediate (WTI) is trading around the $91 a barrel mark following an early session cool-off.
According to the International Maritime Organization, as many as 11 tankers came under attack while transiting through the Strait of Hormuz for the week that ended on October 4, marking the highest number of weekly attacks since the war began.
US President Donald Trump announced that Russia and Ukraine agreed to an immediate energy ceasefire, and that the US struck a deal with Russia for diesel supply, drawing bipartisan criticism due to the ongoing congressional ban.
