FX.co ★ Oil Retreats After Three-Day Rally

Crude oil slipped below $93 per barrel on Tuesday, snapping a three-session winning streak as investors balanced the impact of renewed Russian diesel exports against mounting geopolitical risks. Russia partially lifted its diesel export ban on October 10 following an agreement with the United States, easing supply constraints in global fuel markets.

However, US lawmakers contend that President Trump’s deal with Russian President Vladimir Putin appears to violate US law that bars Russian energy imports until Moscow ends its aggression against Ukraine. Ukrainian President Volodymyr Zelenskyy has also vowed to continue strikes against Russia as Moscow persists in attacking Ukraine’s energy infrastructure, undermining the “energy ceasefire” previously announced by Trump.

At the same time, the Trump administration is under growing pressure to bolster support for Saudi Arabia in its conflict with Iran-backed Houthi militants in Yemen, following recent missile and drone strikes on Riyadh’s main airport.