Oil climbing 2% despite Russian diesel deal

Oil prices rose by 2% to nearly $107 per barrel, despite Russia's agreement to supply diesel, amid attacks on Saudi Arabia and oil tankers in the Middle East that have raised concerns about supply security. The increasing attacks have reduced expectations of oil exports through the Strait of Hormuz returning to normal, with forecasts suggesting that Brent crude could rise to $90 in December due to geopolitical fears. At the same time, Russian diesel prices tied to the oil market declined by 2.3%. Despite Russia's announcement of additional supplies to global markets, analysts doubt that this will impact prices in the near term.

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