Saudi Arabia Becomes the Oil Market’s Biggest Wild Card

Houthi attacks threaten Saudi oil infrastructure and Gulf shipping as Brent hovers near $105 per barrel.

Trump’s Fuel-Price Problem Is Becoming a Political One - The Trump administration’s Russia diesel deal has failed to bring about substantial change in US fuel prices, triggering a 3-4% decline in heating oil futures, raising the risks of a midterm election debacle for the White House.

- Whilst neither diesel nor heating oil have surpassed the levels seen in October 2022 (the month before President Biden’s mid-term elections)… Home Oil Prices Oil Futures Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Geopolitics Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Company News Breaking News Premium Articles My Account Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S.

Blends WTI Crude • 11 mins 95.01 +0.87 +0.92% Brent Crude • 11 mins 106.7 +0.98 +0.93% Murban Crude • 16 mins 110.6 -1.67 -1.49% Natural Gas • 11 mins 3.329 +0.046 +1.40% Heating Oil • 11 mins 4.956 +0.022 +0.44% Gasoline • 11 mins 3.256 +0.006 +0.17% Click Here for 150+ Global Oil Prices Gasoline • 11 mins 3.256 +0.006 +0.17% Heating Oil • 11 mins 4.956 +0.022 +0.44% WTI Midland • 4 hours 94.82 +0.15 +0.16% Opec Basket • 6 days 114.0 +4.53 +4.14% Indian Basket • 7 days 121.1 +3.47 +2.95% Click Here for 150+ Global Oil Prices Tom majored in International Business at Amsterdam’s Higher School of Economics and later completed an Executive MBA in Energy Transition at the University of Groningen.… Houthi attacks threaten Saudi oil infrastructure and Gulf shipping as Brent hovers near $105 per barrel.

- The Trump administration’s Russia diesel deal has failed to bring about substantial change in US fuel prices, triggering a 3-4% decline in heating oil futures, raising the risks of a midterm election debacle for the White House.

- Whilst neither diesel nor heating oil have surpassed the levels seen in October 2022 (the month before President Biden’s mid-term elections) in inflation-adjusted terms, the fact that the US population perceives the fuel crisis as the result of Trump’s Iran war matters greatly.

- Yet beyond fuel prices, Trump’s fervent support for the construction of data centers could become an electoral liability as US power prices have reached their highest level in real terms since the mid-1990s.

- Michigan and Texas would be of particular importance for the US president as they both host several tossup races in the House and Senate – wielding a higher per-capita consumption of gasoline and lower disposable income than the US average.

- Since President Trump began his current presidential term in January 2025, US gasoline and diesel prices have gone up by 40% and 67%, respectively, whilst cumulative inflation edged higher by 5.4%.

Market Movers - London-based energy major Shell (LON:SHEL) has signed an agreement to acquire a 30% interest in Equinor’s $10 billion Bay du Nord offshore oil project off Canada’s Newfoundland coast, with a final investment decision expected in early 2027.

- US oil major Chevron (NYSE:CVX) finalized an offshore exploration deal in Egypt, giving it operatorship over the Lotus area against a pledge to drill two exploration wells in 2,000-2,800m of water.

- Greek refiner Motor Oil Hellas (ATH:MOH) reported a casualty following an incident at its 255,000 b/d Corinth refinery, with the death of a contractor taking place whilst the plant was undergoing maintenance works.

- Italian oil company ENI (BIT:ENI) has agreed to divest part of its ownership with Indonesia’s state firm Pertamina and independent driller Medco Energi, creating synergies for its giant Geng North discovery from 2023.

- French oil major TotalEnergies (NYSE:TTE) has announced it would expand its joint venture with US investment firm KKR (NYSE:KKR) to boost its additional renewables portfolio valued at $1.2 billion, aiming for solar assets in Texas and Ohio.

Tuesday, October 13, 2026 Saudi Arabia is gradually becoming the embodiment of supply risks to oil markets this month, with the Houthis forcing the Riyadh airport into a protracted shutdown and threatening to further damage the kingdom’s energy infrastructure.