Trump Announces Energy Ceasefire, Oil Prices Fluctuate

Crude oil prices increased on Monday, surpassing the $106 mark after deadly attacks on Riyadh’s international airport. However, prices were moderated by U.S.

President Donald Trump's announcement of an energy ceasefire between Russia and Ukraine, which raised expectations for fewer disruptions in fuel supplies. As of 07:52 ET (11:52 GMT), Brent oil futures for December rose 1.3 percent to $106.10 a barrel, while West Texas Intermediate (WTI) crude futures increased by one percent to $93.10 a barrel.

Brent prices later dipped to $102.33 as traders considered the potential for reduced disruptions in Russian fuel supplies following Trump's claim of an immediate ceasefire agreement, which has not been confirmed by Kyiv or Moscow. Trump had previously threatened Ukrainian President Volodymyr Zelenskiy to cease attacks on Russian refineries and called for his removal.

Trump attributed rising global oil prices to Ukraine's actions against Russian oil infrastructure.