---
title: "Oil is higher before the open after dipping on Trump's unconfirmed energy ceasefire"
url: "https://etf.net/news/oil-is-higher-before-the-open-after-dipping-on-trump-s-unconfirmed-energy-ceasefire-2026-10-12"
published_at: "2026-10-12T11:34:09.312Z"
updated_at: "2026-10-12T11:34:09.312Z"
byline: "ETF.net Research"
---

# Oil is higher before the open after dipping on Trump's unconfirmed energy ceasefire

Brent crude was at $105.79 a barrel on Monday morning, after trading as low as $102.39.

By ETF.net Research. Published Oct 12, 2026.

Oil is higher than Friday's close before the US open on Monday, after an early drop on President Donald Trump's unconfirmed claim that Russia and Ukraine would stop striking each other's energy facilities.

Brent crude, the international benchmark, was at **$105.79** a barrel at 6:55 AM Eastern, up 1.0% from Friday. West Texas Intermediate, the US benchmark, was at $92.82, up 1.1%. Earlier, Brent traded as low as $102.39, and West Texas Intermediate as low as $89.65.

Trump said Sunday that the halt would start immediately. A White House official told Axios the ceasefire, as the White House understands it, covers oil refineries, and that a deal to stop strikes on power plants and grids could follow.

President Volodymyr Zelenskyy told Axios the announcement "was news for me. But if Russians agree to an energy ceasefire, Ukraine will agree."

Russia had not commented by Monday morning. Zelenskyy said Russian forces were still striking energy sites on Sunday, including a power plant in Kharkiv.

Reuters said oil slipped early Monday on expectations of more Russian supplies after the ceasefire claim, and after Trump said on Friday that Russia would supply more diesel to the United States and other markets.

"Questions remain over the validity and longevity of any such ceasefire, and without clearer evidence that it will actually hold, the extent of the pullback is likely to stay limited," Tim Waterer, chief analyst at KCM Trade, told Reuters.

Yemen's Iran-backed Houthi militants have struck Saudi Arabia's main airport in Riyadh in recent days. Reuters described the strikes as a spillover from the war the United States and Israel launched against Iran in February. On Sunday a projectile hit the airport again, the Saudi-led coalition in Yemen said.

Bloomberg reported Sunday that a tanker was attacked in the Strait of Hormuz, the sea lane for Persian Gulf oil, while crude exports were still flowing at rates close to levels before that war.

The United States Oil Fund USO was at $150.24 in premarket trading, up 1.4% from Friday's close.

## A quiet open, except in Seoul

S&P 500 futures were up 0.1% shortly before 7 AM Eastern. Nasdaq-100 futures were down 0.1%. In Europe, London's FTSE 100 was up 0.7%, and Germany's DAX was up 0.3%.

South Korea's Kospi stock index closed down **3.6%**, at 6,384. Tokyo was shut for a holiday. Hong Kong's Hang Seng Index rose 0.2%, and the Shanghai Composite fell 0.4%.

Foreign investors sold a net $1.51 billion of Korean shares, Aju Press reported. Yonhap tied the plunge to a sell-off in technology stocks, fueled by inflation concerns while oil prices were high.

Samsung Electronics and SK hynix each fell more than 4%, two trading days after Samsung reported a record preliminary quarterly profit. Seoul was closed on Friday.

The iShares MSCI South Korea ETF EWY was at $173.84 in premarket trading, down 1.9% from Friday's close. The fund traded on Friday, when Seoul was shut, so that drop is measured from a different close than the Kospi's 3.6% fall.

## A recommended close for Treasuries

US stocks open on a normal schedule. Monday is Columbus Day, a US federal holiday.

SIFMA, the bond-market trade group, recommended on September 29 that dollar-denominated bond trading, including Treasuries, close on Monday. Firms decide for themselves.

The 10-year Treasury yield ended Friday at 5.24%. If firms follow the recommendation, there is no normal Treasury trading session today to move that yield.

No major US economic report is scheduled today.

Beth Hammack, president of the Federal Reserve Bank of Cleveland, speaks at 12:50 PM Eastern. On July 31 she said she had dissented at a Federal Reserve vote in favor of raising the policy rate, because inflation had been too high for too long.

JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup report before the open on Tuesday. Wednesday brings September's consumer price index, the main US inflation report, at 8:30 AM Eastern.

Source: etf.net, https://etf.net/news/oil-is-higher-before-the-open-after-dipping-on-trump-s-unconfirmed-energy-ceasefire-2026-10-12. Please cite the page URL.