WTI Crude Oil Price: 1% Gain to $91.90 on Saudi Attacks

The WTI crude oil price rose about 1% on Monday to around $91.90, as Houthi attacks on Saudi Arabia outweighed hopes for a Russia-Ukraine energy ceasefire. The move shows how Gulf supply risk is competing with easing signals from Russia and the United States in the oil market.

Key Takeaways

Weekend casualties: The initial strike at King Khalid International Airport in Riyadh reportedly killed 12 people and injured more than 300.
Russian supply: A diesel deal covers more than 300,000 tons for the United States immediately, with further deliveries in coming months.
Weaker demand outlook: OPEC cut its 2026 global oil demand growth forecast to 400,000 barrels per day (bpd) from an initial 1.4 million bpd.

What Happened

WTI gained 1.00% on Monday. The grade was quoted around $91.90, and the one-hour chart showed $92.03. Iran-backed Houthi militants attacked Saudi Arabia over the weekend, which raised fears of supply disruption.

A drone also struck an oil tanker near the Sohar anchorage off Oman, close to the Strait of Hormuz. The UK Maritime Trade Operations (UKMTO) classified the incident as an attack.

Pulling the other way, U.S. President Donald Trump said Russia and Ukraine agreed to halt attacks on each other's energy infrastructure after talks with Russian President Vladimir Putin. Ukrainian President Volodymyr Zelenskyy first said he was unaware of a formal agreement.

Background

Zelenskyy later said Ukraine was ready to sign ceasefire guarantees. That marked a change in tone from his first response to Trump's announcement.

The U.S. Department of Energy approved an emergency exchange of up to 4 million barrels of crude from strategic reserves. The aim is to offset supply disruptions from Hurricane Isaias. OPEC made its demand cut against a projection set at the start of the year, and it expects some deferred demand to materialise in 2027.

Market Impact

WTI levels: The one-hour chart shows $92.03, above the 100-period SMA at $89.66 and the 200-period SMA at $89.65. Resistance sits at $92.40.
WTI momentum and support: RSI (14) is near 64 on the one-hour chart. Support lies around $89.65, with deeper support near $88.70.
Supply-risk balance: The Saudi attacks and the tanker strike near the Strait of Hormuz add supply risk to WTI. The Russian diesel deal and the ceasefire talk offset part of it.

What to Watch Next

API crude inventories report: The American Petroleum Institute publishes its weekly crude oil inventory data on Tuesday.
Ceasefire terms: Formal details from Moscow or Kyiv would show how the proposed pause on energy-infrastructure attacks would work.
Gulf shipping and Saudi security: Further attacks near Saudi Arabia or the Strait of Hormuz would feed the same supply fears behind Monday's gain.

Bottom Line

The WTI crude oil price is pulled between Gulf supply risk and signs of easing Russian and U.S. supply constraints. The exposure is in crude itself, where the ceasefire terms and Tuesday's inventory data are the next sources of detail.

WTI Crude Oil Price Rebounds to $91.90 on Houthi Attacks