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Oil prices dip as potential rise in Russian diesel exports offsets shipping risks near Strait of Hormuz

Market News
12 Oct 2026
FXEmpire
View Source
Neutral
Oil prices dip as potential rise in Russian diesel exports offsets shipping risks near Strait of Hormuz

Oil prices eased with Brent at $107.80 and WTI near $93 as traders considered a possible increase in Russian diesel exports to 3-3.5 million tons monthly by year-end. This additional supply could ease fuel shortages and reduce price pressure, but buyers remain cautious about Russia's delivery capability. Meanwhile, OPEC warns that high freight and insurance costs, along with tanker attacks near the Strait of Hormuz, keep shipping risks elevated, potentially supporting higher oil prices. Technical analysis suggests WTI could rally to $104 if it holds above $87, while Brent may rise towards $113 and possibly $120 if resistance is broken. The market will closely watch diesel supply and shipping safety for future price direction.

Oil price forecasts are presented with Pluang's Energy sector market snapshot as of Oct 13, 2026 09:21 WIB: Among 62 priced US Energy stocks, 47 rose and 14 fell. Notable movers include UEC at USD 8.81 with a 1-day change of -4.13%, YPF at USD 51.98 up 3.88%, and COP at USD 138.43 up 3.23%, with COP showing 100% buy order activity. The most notable figure is COP's 100% buy order activity.

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