On October 12, oil prices saw a slight decline with Brent Crude trading at $104 and WTI at $91 per barrel. This downward movement followed U.S. President Trump's announcement of an energy ceasefire between Russia and Ukraine, which offset price pressures. However, prices remained balanced against escalating geopolitical tensions in the Middle East after Houthi forces targeted King Khalid International Airport in Riyadh with ballistic and cruise missiles.
Crude prices edged lower as President Trump’s energy ceasefire announcement offset supply risks following a missile attack on Riyadh’s international airport.
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