Oil dips on Russia supply hopes

Oil prices declined at the start of trading on Monday, as markets awaited a potential increase in Russian supplies following U.S. President's statements regarding a ceasefire to halt attacks on energy facilities between Russia and Ukraine. However, ongoing tensions in the Middle East and risks to navigation through the Strait of Hormuz limited the decline, keeping Brent crude above the $100 per barrel level. Brent fell by $1.54 to reach $103.18 per barrel, while West Texas Intermediate retreated to $90.31. The market paused amid expectations that raised hopes for increased Russian supplies, which could help ease pressure on prices. Nonetheless, the sustainability of the ceasefire's impact depends on its implementation and resilience, with concerns remaining over potential escalation—making the future of oil prices contingent on security developments and supply flows.

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