Brent tops $105 as Houthi attacks on Saudi Arabia outweigh Trump's Russia-Ukraine 'energy ceasefire'

Brent crude rose back above $105 a barrel on Monday 12 October 2026, reversing an early fall, as traders doubted that President Donald Trump's "energy ceasefire" between Russia and Ukraine would add much supply while Houthi missiles kept flying at Saudi Arabia. Brent for December delivery was up 0.92% at $105.68, and US WTI for November rose 0.95% to $92.72, CNBC reported. Both had been down about 1.5% earlier in the session.

Why oil turned higher

• The "energy ceasefire": Trump said on Sunday that Russia and Ukraine had agreed to stop hitting each other's energy facilities "effective immediately". Ukraine's President Volodymyr Zelenskyy welcomed it on Monday but said Moscow must keep to it too. Trump also said on Friday that Russia would supply more than 4 million tons of diesel to the world market under a deal he made with Vladimir Putin.
• Saudi Arabia under fire: the Saudi-led coalition said early on Monday it was dealing with another wave of Houthi drones and missiles. The Houthis have also claimed strikes on Aramco sites this week, and Riyadh's airport has been shut since Saturday (our Riyadh story).
• Diplomacy: Iran's Foreign Minister Abbas Araghchi called Saudi Foreign Minister Prince Faisal bin Farhan, and Al Jazeera reported Tehran was ready to help start talks between Riyadh and the Houthis, CNBC said.

CNBC expects prices to stay volatile while the US-Iran conflict continues.

What it means for petrol in Pakistan

Pakistan imports most of its crude and fuel, so Brent at $105 feeds straight into the next fortnightly price review, due on 16 October. The government sets the new price from the cost of imported petrol and diesel over the past two weeks, plus the rupee rate (steady at Rs 277.00 to the dollar, interbank rate) and the petroleum levy. Our petrol price page tracks PSO's ex-depot Karachi price, Rs 398.30 a litre today, and our fuel cost calculator shows what a rise of a few rupees does to your monthly fuel bill.

Pakistan markets today

• KSE-100: 165,323.82, down 1,765 points (1.06%) from the previous reading of 167,089.27, on our KSE-100 page.
• Gold: 24-karat at Rs 433,795 a tola, down Rs 1,590 from Sunday's reading, on our gold rate page.
• Bitcoin: about $83,400 (bitcoin page).

We will update this page when OGRA's 16 October review is notified.