Oil settled mixed as Saudi blasts counter OPEC supply surge and Russian diesel pact

Global crude oil futures diverged on Tuesday as reports of explosions near Saudi Aramco’s headquarters and airstrikes in Yemen offset rising OPEC+ production and Russian diesel supply prospects.

Crude benchmarks parted ways on Tuesday as growing supply from top producers checked European gains while Middle East war risks supported US futures. Brent fell 96 cents, or 0.9%, to settle at $105.69 a barrel after hitting a four-week peak on Monday. WTI gained 40 cents, or 0.4%, to close at $94.14 a barrel, marking its highest finish since 24 September and narrowing the transatlantic spread to $11.55.

Fresh security alarms in the Gulf limited broader losses. Six sources reported loud blasts near Saudi Aramco's headquarters in Dhahran, while a Saudi-led coalition struck an oil depot outside Sanaa following weekend Houthi airport attacks. US President Donald Trump warned Houthis against driving up fuel costs ahead of the midterms, while US diesel futures jumped 5% after the Kremlin dismissed links between Russian diesel exports and Ukraine peace talks.

Weighing on Brent, OPEC reported a sharp rise in September output led by Saudi Arabia, defying ongoing shipping issues in the Strait of Hormuz. The group also trimmed its 2026 demand growth forecast for a sixth consecutive month, though it raised 2027 projections to account for depleted global stockpiles. Long-dated supply fears kept outer contracts firm, pushing 2027 calendar strips for WTI and Brent to record highs of $84 and $90 a barrel.