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Oil fell Tuesday as investors assessed additional Russian diesel supplies, while Saudi-Houthi conflict concerns limited losses. Brent dropped 1.48% to $105.05 a barrel; U.S. WTI fell 1.57% to $92.27. President Donald Trump defended temporarily easing Russian diesel restrictions Monday despite bipartisan criticism that it could undermine Ukraine-war sanctions. The agreement permits supplies to U.S. and global markets for six months. Goldman Sachs estimated an additional 800,000 metric tons would cut wholesale diesel prices by only $1–$2 a barrel, citing refinery outages and strained inventories. On Saturday, Iran-backed Houthis attacked Riyadh’s King Khalid International Airport, killing 12 and injuring more than 300.
Trump defended temporarily easing Russian diesel sanctions, arguing added supply would lower prices before November’s midterms; seven senators urged reversal, while analysts questioned the relief. Zelenskyy accused Russia of attacking six Ukrainian energy facilities Monday despite Trump’s proposed ceasefire, which neither side appears to have formally accepted. Brent rose 1.8% to $106.65 amid ceasefire doubts and a Houthi attack in Saudi Arabia that killed 12 and injured over 300. Cleveland Fed President Beth Hammack warned higher rates may be needed to prevent entrenched inflation expectations. Microsoft announced greater reliance on its Maia AI chips. Musk’s newly disclosed Republican donations exceeded $276 million, making him the biggest known 2026 midterm donor.
0021 GMT — Oil futures decline on a possible technical correction after solid gains overnight. However, downward pressure on the futures is likely to be tempered by ongoing tensions in the Middle East. “Tensions were heightened as Saudi Arabia said it was dealing with new drone and missile assaults on Monday,” ANZ Research analysts say in a research report. “Rising attacks on tankers in and around the Strait of Hormuz are again constraining oil flows from the Persian Gulf,” the analysts add. The Strait of Hormuz is a critical waterway through which one-fifth of the world’s oil is transported. Front-month WTI crude oil futures are 0.8% lower at $92.96 per barrel; front-month Brent crude oil futures 0.8% lower at $105.75 a barrel. ([email protected])
Oil fell Tuesday as prospects of Russian diesel supplies offset concerns about Gulf disruptions. By 0329 GMT, Brent dropped 1.2% to $105.35 a barrel and WTI fell 1.3% to $92.49. President Donald Trump said Russia agreed to supply global diesel markets; his administration temporarily lifted sanctions on Russian fuel. ING analysts questioned the Russia-Ukraine energy ceasefire, citing reported Russian strikes. Gulf risks persisted after Houthis attacked Riyadh’s airport and tanker attacks were reported near the Strait of Hormuz. OPEC Secretary General Haitham Al Ghais said Monday that this year’s oil demand growth forecast was cut to 400,000 barrels daily from 1.4 million.
Asia-Pacific markets were set to open lower Tuesday, amid concerns over elevated oil prices.
Japan's Nikkei 225 was poised to decline as trading resumes after a holiday, with its Chicago futures contract at 68,320 and its Osaka counterpart last trading at 68,380, compared with the index's previous close of 69,030.92 on Friday.
Hong Kong Hang Seng index futures were last at 24,228, compared with the index's last close of 24,271.20.
Australia's S&P/ASX 200 was 0.13% lower in early trading.
Renewed concerns over oil supply disruptions drove Brent past $106 per barrel, following the deadly Saudi Airport attack last Saturday which left 12 people dead and more than 300 injured.
Oil prices strengthened Monday after Russia pounded Ukrainian energy targets, hours after President Trump declared an “energy ceasefire” between the two countries.
The S&P 500 Energy Sector closed at its first record-high in nearly a month, gaining 1.5%. Diesel futures also pared earlier declines. A supply deal with Russia struck last week would likely have a limited effect on prices. Traders are also on edge about the Middle East, where Iran-backed Houthi militants carried out lethal strikes on Saudi Arabia’s main airport over the weekend.
Brent crude, the global benchmark, added 1.8% to $106.65 a barrel. U.S. stocks ended the day mixed, with the Dow industrials 0.3% higher and the Nasdaq composite and S&P 500 slightly lower. U.S. bond markets were closed for Columbus Day, marked by some as Indigenous Peoples' Day.
Looking ahead, earnings season will kick into gear with results from big U.S. banks starting tomorrow. Also in focus: consumer inflation data due on Wednesday, and a public appearance by Fed Chairman Kevin Warsh on Thursday at a summit being held in Bangkok.
🔎 Watch here for coverage of bank earnings tomorrrow morning, starting before JPMorgan Chase's results.
—By Ed Ballard and Katherine Hamilton
Oil eased after three days of gains fueled by fears that widening Middle East conflict could disrupt recovering supplies. Brent and WTI fell 0.9% to $105.68 and $92.87 a barrel, respectively. Iran-backed Houthi attacks on Saudi Arabia’s main airport killed at least 16 people and wounded about 300; Trump said he would consider joining Saudi-backed strikes. Escalating attacks on tankers in the Strait of Hormuz prompted more supertankers to avoid the Persian Gulf. Saudi Arabia’s energy minister said Aramco could add 1.2 million barrels a day of export capacity within seven to eight weeks. Diesel declined after Russia agreed to release more supply at Trump’s request.
Energy stocks and oil rose as attacks in Ukraine and the Middle East complicated Trump’s efforts to reduce fuel costs. The S&P 500 Energy Sector gained 1.5% to a record, while Brent rose 1.8% to $106.65 a barrel. Ukraine reported Russian strikes on energy infrastructure despite Trump’s announced energy ceasefire. A Houthi missile attack on Saudi Arabia’s capital killed at least 12 people. Traders doubted Trump’s Russian diesel deal would meaningfully affect supply; a Jefferies analyst estimated promised volumes would cover slightly over nine days of U.S. demand. Major indexes finished mixed. Bumble surged roughly 50% after The Wall Street Journal reported advanced privatization talks at around $1 billion.
The S&P 500 Energy Sector closed at its first record-high in nearly a month, gaining 1.5% today. It was the best performing sector in the broad benchmark, ahead of consumer staples and communications services.
International benchmark Brent oil gained 1.8% to $106.65 a barrel. Those gains came after Ukraine said Russian strikes had hit its energy infrastructure, despite President Trump’s declaration of an energy ceasefire.
Trump said Friday he reached a deal for Russia to sell millions of tons of diesel into the market, a move designed to address climbing fuel costs for Americans. Traders are unconvinced the deal will make a difference, however, with one Jefferies analyst estimating that if Russia releases the promised amount, it will cover a little more than nine days of U.S. demand.
Brent crude rose 1.8% above $106 a barrel as Houthi missiles hit Riyadh’s airport and Russian strikes hit Ukrainian energy facilities despite Trump’s declared “energy ceasefire.” Conflict weighed on stocks: the S&P 500 fell 0.06%, Nasdaq lost 0.4%, and the Dow gained 0.4%. Starbucks rose 1.7% after ruling out a Chipotle bid; Chipotle fell 3.8%. Amsterdam-listed SWI Group gained over 16% after raising about $900 million to expand and upgrade data centers, planning AI computing services for big tech companies. The Federal Housing Finance Agency now permits mortgage lenders to use VantageScore instead of Fair Isaac’s FICO; typically higher VantageScores are expected to increase approvals but could raise default risk.
The S&P 500 closed just below the flatline on Monday after the major averages posted a winning week and as investors looked ahead to a busy week of earnings results and inflation data.
The broad market index fell 0.06% to end at 7,807.24, while the Dow Jones Industrial Average outperformed, rising 195.60 points, or 0.38%, to 51,850.55. It was the third straight positive day for the 30-stock index. The Nasdaq Composite, however, underperformed and lost 0.44% to close at 27,245.90.
The Nasdaq was weighed down by a 3.9% drop in shares of Micron Technology. The move came as investors assessed increasing competition from China's CXMT, which reported progress on a new chip structure. In contrast, the Dow was boosted by a 2% rise in Salesforce shares after the name received a double upgrade at Bank of America.
Meanwhile, oil prices rose after President Donald Trump announced an "energy ceasefire" between Russia and Ukraine over the weekend, then Ukrainian President Volodymyr Zelenskyy said Moscow had already violated it. West Texas Intermediate futures advanced 2.06% to close at $93.74 per barrel. Brent crude gained 1.84% to close at $106.65 per barrel.
Trump also told reporters he was considering joining Saudi Arabia in its fight against Tehran-backed Houthis in Yemen after another deadly attack on Riyadh's international airport. The remarks raised the prospect of escalating tensions in the region.
Wall Street is coming off a winning week for the major averages, as a rally in tech stocks helped investors shrug off higher oil prices and yields. The Dow and S&P 500 each posted their second positive week in three, while the Nasdaq netted its fourth straight week of gains.
Investors hope the third-quarter earnings season will help stocks power through the Middle East turmoil. By all estimations, the incoming results are expected to be strong. According to FactSet's John Butters, the S&P 500 is set to post 29.6% earnings growth in the quarter. That would be the fourth straight quarter that the broader index posts above-25% earnings growth, thanks to the strength of the AI data center buildout.
The reporting season will ramp up in earnest this week with the big banks, with Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo all expected to post results this week.
Key inflation data is due out this week as well, with the September consumer and producer price indexes due out Wednesday and Thursday, respectively.
"It's going to be all on earnings," Tim Holland, chief investment officer at Orion, said to CNBC. He added that even if this week's inflation prints are hotter than expected, the market is going to regard them as "not enough to derail" the Federal Reserve, which is largely expected to keep interest rates steady at its next meeting, per the CME FedWatch tool.
"Something will upend this bull market at some point, but I think the most important thing going on right now is the AI capex build-out," he said.
This week marks four years since the start of the S&P 500's bull run after the index notched a closing low of 3,577.03 in October 2022. Since then, the index has more than doubled.
The State Street Energy Select Sector SPDR ETF (XLE) touched an intraday all-time high on Monday – its first in more than a month.
The XLE last traded more than 1% higher. It last hit a record on Sept. 10.
The ETF jumped as international Brent crude futures took a leg higher, rising about 2% to trade above $106 per barrel. West Texas Intermediate crude futures gained more than 2% to trade just below $94.
Stocks leading the XLE higher include Diamondback Energy, Oneok, APA and ConocoPhillips, all of which were up around 2%.
Goldman Sachs raised its December Brent crude (BZ=F) forecast from $85 to $90 per barrel and projected US WTI (CL=F) at $81, citing supply risks and low inventories. Strategists led by Daan Struyven said Persian Gulf exports had largely recovered to pre-war levels, but renewed escalation of the Iran war posed significant upside risk. The bank maintained its 2027 average Brent forecast at $80. Infrastructure damage, shipping attacks and persistent risk premiums could lift December Brent to $125; faster Middle Eastern output recovery or declining risk premiums could lower prices to the low $70s through 2027.
All but two S&P 500 sectors were in the green in midday trading on Monday.
Energy and communication services led the way, with both rising about 1.4%. Consumer staples followed suit, gaining 0.8%.
Information technology and consumer discretionary were the two sectors in negative territory. The former was down around 0.9%, while the latter fell 0.5%.
The broad market index was last trading just below the flatline.
Stocks are mixed in midday trading, with the Dow higher and the Nasdaq lower. Here's what is moving markets today.
Oil prices trend higher: Traders are on edge over a variety of geopolitical developments. In the Middle East, Iran-backed Houthi militants carried out lethal strikes on Saudi Arabia’s main airport over the weekend. In Europe, Russia pounded Ukrainian energy targets.
A birthday and a day off: The S&P 500 started its most recent bull market four years ago today. It’s relatively flat today, perhaps staying calm because the asset-class everyone seems to be worried about recently – U.S. bonds – are closed for the holiday.
Busy week ahead: The week started with the Paris Auto Show and winds down with Fed Chairman Kevin Warsh speaking at a conference in Bangkok. Along the way: CPI inflation numbers, a new Tesla Roadster and bank earnings.