Jakarta, ThedailyID — Global oil prices fell on Tuesday morning, October 20, as markets assessed US President Donald Trump’s plan to ease certain sanctions and tariffs related to Russian energy exports. However, attacks in Saudi Arabia and Yemen raised concerns about potential supply disruptions across the Middle East.
According to Reuters, Brent crude fell 49 cents, or 0.45%, to US$109.06 per barrel at 00:10 GMT. US West Texas Intermediate (WTI) crude for November delivery dropped 0.33% to US$103.32 per barrel.
The more actively traded December WTI contract also declined by 46 cents, or 0.47%, to US$98.08 per barrel.
In the previous session, Brent crude had reached US$110.70 per barrel, its highest level since May 20.
Trump issued an executive order on Friday evening, October 16, outlining exemptions involving certain sanctions and tariffs related to Russian energy. The measures covered import duties on Russian goods and sanctions targeting buyers of Russian oil and gas.
However, Trump said on October 17 that he had not announced a final decision. US Secretary of State Marco Rubio also said officials needed more time to assess the situation.
Meanwhile, Russian crude oil production rose by 65,000 barrels per day in September to 8.43 million barrels per day, according to the International Energy Agency. Despite the increase, output remained around 870,000 barrels per day below the level recorded during the same period a year earlier.
KCM Trade chief market analyst Tim Waterer said traders appeared more concerned about potential damage to energy infrastructure in the Gulf than the prospect of additional Russian diesel supplies.
Regional tensions intensified on Monday, October 19, when Iran-aligned Houthi forces claimed attacks on energy, airport, and military targets in Saudi Arabia. The targets reportedly included an Aramco facility in Yanbu, the Shaybah oil field, King Khalid International Airport in Riyadh, and Abha Airport.
Saudi authorities had not immediately confirmed the claims, and Reuters said it could not independently verify them.
Separately, Houthi attacks on a government security forces training camp in Yemen’s Shabwa province reportedly killed 58 people and injured more than 200.
These developments heightened concerns about regional stability and potential disruptions to Middle Eastern energy supplies, helping keep oil prices above US$100 per barrel. In the United States, crude oil and petroleum product inventories were also expected to decline in the previous week, according to an initial Reuters poll.
