Oil prices fall following Russia sanctions decision

Brent crude futures fell 0.45% to $109.06 per barrel, while US West Texas Intermediate (WTI) crude futures for November delivery declined 0.33% to $103.32. The more actively traded December WTI contract dropped 0.47% to $98.08. According to data from the International Energy Agency (IEA), Russia's daily oil production increased by 65,000 barrels in September, reaching 8.43 million barrels per day.

Expectations of increased diesel supplies from Russia weighed on oil prices, while ongoing conflicts in the Middle East limited the decline. Iran-backed Houthis claimed to have carried out attacks on several targets in Saudi Arabia, including Aramco facilities and the Shaybah oil field. Although the alleged attacks could not be independently verified, risks to the region's energy infrastructure kept supply concerns elevated. Analysts believe that despite the possibility of increased Russian oil supplies, tensions in the Gulf region could continue to play a decisive role in oil price movements.