Business · Energy & Commodities · 1 hr ago
Oil prices fall after Trump says Russia and Ukraine agreed to energy truce
Oil prices fell on Monday after US President Donald Trump said Russia and Ukraine had agreed to stop attacking each other’s energy facilities.
Brent crude fell to US$103.35 a barrel, while US benchmark West Texas Intermediate fell to US$90.55.
Ukrainian President Volodymyr Zelensky said he was still waiting for technical details, and Russia had not officially commented.
The reported truce eased concerns about oil supplies in the short term, but its terms and durability remained uncertain.
Risks in the Middle East could push prices higher: Houthi attacks in Saudi Arabia and attacks on tankers near the Strait of Hormuz raised concerns about supply disruptions.
Goldman Sachs raised its forecast for Brent in December to US$90 a barrel from US$85, while saying uncertainty over further escalation remained.
Oil prices fell on Monday after US President Donald Trump said Russia and Ukraine had agreed to stop attacks on each other’s energy facilities.
Brent crude futures dropped US$1.37, or 1.31 percent, to US$103.35 a barrel, while US West Texas Intermediate fell US$1.30, or 1.42 percent, to US$90.55.
Ukrainian President Volodymyr Zelensky said he was waiting for technical details, and Russia had not made an official comment.
Analysts said the reported truce could ease supply concerns in the short term, but markets remained skeptical about whether it would last.
- Who
- US President Donald Trump said Russia and Ukraine had agreed to stop attacks on each other’s energy facilities.
- What
- Oil prices fell after Trump’s announcement. Ukraine’s president said he was waiting for technical details.
- When
- Monday, October 12, 2026; Trump made the announcement on Sunday, October 11.
- Where
- The oil markets; the reported truce concerns Russian and Ukrainian energy facilities.
- Why
- The announcement raised hopes of increased Russian oil supply and eased short-term concerns about supply.
This story does not have two clearly opposing sides.
There are still questions about the validity and sustainability of such a ceasefire. Without clearer evidence that the agreement is holding, the scope for lower prices appears limited.
We maintain our base case that supply adjustments from the Middle East will ultimately weigh on crude oil prices, although the potential for further escalation remains.
The United States and Russia signed a diesel supply agreement.
The Houthis claimed responsibility for a drone attack on Riyadh International Airport, and UKMTO reported attacks on two tankers over the weekend.
Trump announced that Russia and Ukraine had agreed to stop attacks on each other’s energy facilities.
Oil prices fell in trading, with Brent down 1.31 percent and WTI down 1.42 percent.
- Brent crude
- US$103.35 a barrel, down US$1.37 or 1.31 percent
- WTI crude
- US$90.55 a barrel, down US$1.30 or 1.42 percent
- Reported agreement
- Russia and Ukraine to stop attacks on each other’s energy facilities
- Ukraine’s position
- President Volodymyr Zelensky said he was waiting for technical details
- Goldman Sachs Brent forecast
- US$90 a barrel for December, raised from US$85
Sources
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