Business · Energy & Commodities · 1 hr ago
Oil prices fall as traders await Russia-Ukraine energy ceasefire
Oil prices fell on Monday as traders weighed the prospect of a pause in attacks on energy infrastructure between Russia and Ukraine.
Brent crude futures dropped below $103 a barrel, while US crude futures traded near $90.
US President Donald Trump said the energy ceasefire was in effect immediately, but Ukrainian President Volodymyr Zelensky said no final agreement had been reached.
Ukrainian attacks on Russian oil refineries have disrupted refining and contributed to tight global diesel supplies.
The uncertainty comes amid wider tensions in the Middle East and stalled diplomacy over reopening the Strait of Hormuz.
The International Energy Agency’s chief urged governments to speed up planned releases of diesel and consider putting more supplies on the market.
The agency’s board was due to meet on October 15.
Oil prices fell sharply on Monday as traders awaited a Russian-Ukrainian energy ceasefire announcement from US President Donald Trump.
Brent crude futures dropped below $103 a barrel after rising for two days, while Nymex crude traded near $90.
Trump said on social media that the ceasefire was in effect immediately, but Ukrainian President Volodymyr Zelensky said no final agreement had been reached.
European diesel futures fell 8.3%, as traders questioned the long-term effect of additional Russian exports.
The price drop came amid wider Middle East tensions and uncertainty over energy supplies.
- Who
- Oil traders, with Trump and Zelensky central to the ceasefire claims.
- What
- Oil prices fell as traders awaited clarity on a proposed Russia-Ukraine energy ceasefire.
- When
- Monday, 12 October 2026.
- Where
- Global oil markets; the proposed ceasefire concerns Russia and Ukraine.
- Why
- Traders were weighing the possible ceasefire and its effect on energy supplies, amid wider Middle East tensions.
Donald Trump
Volodymyr Zelensky
Ceasefire status
Donald Trump
Trump said the energy ceasefire was in effect immediately.
Volodymyr Zelensky
Zelensky denied that a final agreement had been reached.
current conditions require immediate attention
Trump made a similar statement about an energy ceasefire.
Zelensky denied that a final Russia-Ukraine ceasefire agreement had been reached.
Trump said on social media that the energy ceasefire was in effect immediately, while oil prices fell.
- Brent crude
- Below $103 a barrel
- Nymex crude
- Near $90 a barrel
- European diesel futures
- Down 8.3%
- Russian exports announced
- 500,000 tonnes after a partial export ban was lifted
- Russia's oil exports last year
- 28.6 million tonnes
Sources
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