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Oil drops after ceasefire deal
Oil prices notably declined on Monday following the announcement of an agreement between Russia and Ukraine to halt attacks on energy facilities. The U.S. president stated that both sides agreed to a mutual cessation of hostilities as part of an understanding on diesel, leading to more than a 0.5% drop in Brent and WTI futures. Despite this, tensions in the Middle East—including Houthi attacks on Saudi Arabia—continue to support high oil levels, exceeding $100 per barrel. Expectations of increased Russian supplies and a revival of oil stockpiles are influencing the market amid ongoing geopolitical tensions and conflicts in the region.
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