Oil Prices Rise as Ukraine Ceasefire Doubts and Middle East Tensions Rattle Markets

Mon 12 Oct 2026 16:51 CEST

Oil prices continued to rise on Monday after Ukrainian President Volodymyr Zelensky questioned Trump’s claim that Russia had agreed to a ceasefire on attacks against energy facilities.

The price of North Sea oil (Brent) had risen by 2.3 percent to $107 per barrel by 5 p.m.

The escalation in the Middle East, including the deadly attacks on Saudi Arabia over the weekend, is also pushing prices up. Airstrikes by the Iran-backed Houthi movement continued on Monday.

Crude oil prices have risen gradually since the summer, and Brent appears to have remained well above $100 a barrel.

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Russia Ukraine Middle East Volodymyr Zelenskyj Trumps

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TT News AgencyEnglish edition by Sweden Herald, adapted for our readers

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