Oil Prices Fall Amid Ceasefire Deal
Oil prices have significantly declined following the United States' announcement that Russia and Ukraine have agreed to cease hostilities against energy facilities, reinforcing expectations of increased oil supplies from Russia. Brent crude dropped to $103.18 per barrel, and West Texas Intermediate to $90.31, after Trump announced that Russia will supply more than 2.25 million barrels of diesel to the markets, in addition to the amounts already scheduled for the coming months. Nevertheless, the conflict in the Middle East and attacks on oil tankers continue to heighten tensions, keeping oil prices above $100 per barrel as markets await further details about the ceasefire and its potential impact.
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