Oil prices rose to near two-week highs on October 12 as attacks on Saudi Arabia heightened concerns over Middle East supply disruptions, outweighing expectations of additional diesel supplies from Russia, Reuters reported.

Brent crude futures rose by 2% to $106.79 per barrel, their highest level since September 29, while US West Texas Intermediate (WTI) crude increased by $1.69, or 1.8%, to $93.54 per barrel.

The Iran-aligned Houthis claimed responsibility for a strike on Riyadh’s international airport on October 10 that killed 13 people and injured more than 300, according to Reuters. Further attacks were reported on October 11.

Goldman Sachs raised its Brent crude price forecast for December to $90 per barrel from $85, citing a risk premium of slightly more than $20 per barrel.

The bank forecast WTI prices would average $81 per barrel in December 2026 and $73 per barrel in 2027, citing unusually low WTI prices relative to Brent amid high shipping costs between the US and Europe.

ICE gasoil futures, a European benchmark for diesel prices traded on the Intercontinental Exchange (ICE), fell by 2.3% to $1,449 per metric ton after US President Donald Trump said on October 9 that Russia would immediately supply more than 300,000 metric tons of diesel, equivalent to about 2.25 million barrels, to US and global markets, with additional volumes expected later.