Brent tops $105 and Mexico extends its diesel subsidy

Brent traded at $105.42 a barrel on Monday, October 12, 2026, up 0.67%, while West Texas Intermediate (WTI) stood at $92.47, according to Bloomberg Línea. The price is moving between the military escalation in Saudi Arabia and the announcement of an energy truce between Russia and Ukraine.

The attacks on Riyadh's international airport were repeated on Sunday, in what Bloomberg Línea describes as the deadliest offensive against Saudi Arabia since the start of the war with Iran, and a tanker was hit by a drone near Sohar, Oman, while another was damaged as it crossed the Strait of Hormuz. US President Donald Trump announced on Sunday an energy truce between Russia and Ukraine, which Ukrainian President Volodymyr Zelensky conditioned on Moscow honoring it, with no confirmation from the Kremlin. On Friday, Trump said he would work with Vladimir Putin to release Russian diesel, the US Treasury exempted previously sanctioned fuel and Moscow announced exports of 500,000 tons after lifting a partial ban. For Mexico, which imports part of its gasoline and diesel, crude above $100 makes that bill more expensive and widens spending on stimulus measures.

Hacienda published on October 9 the fiscal stimulus measures in force from the 10th to the 16th, Expansión reported: the IEPS on Magna falls to 2.39 pesos per liter, a 64.31% stimulus, and on Premium to 1.62 pesos, a 71.29% stimulus. Diesel notches its fifth consecutive week at a zero rate, a 100% discount of 7.36 pesos per liter plus a complementary stimulus of 1.09 pesos, above the 0.60 of the previous week. BMI chief economist Cedric Chehab told CNBC that crude will stay above $100 for several months. Separately, Bloomberg Línea reported that the International Energy Agency (IEA) called for accelerating the release of diesel reserves ahead of its October 15 meeting.

The IEA board meets on October 15 and Hacienda sets the following week's stimulus every Friday, two dates that will show whether the diesel subsidy holds. Moscow has not yet confirmed the truce Trump announced.

This article was written with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.