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Oil prices declined sharply as attention turned to President Donald Trump's announcement of a ceasefire in the energy sector between Russia and Ukraine, amid escalating regional tensions. Brent crude futures fell below $103 a barrel, while Nymex futures hovered around $90, after rising in the previous two days. Ukrainian President Zelensky had previously denied that a final agreement had been reached, despite Trump's statements declaring an immediate ceasefire. The attacks on Russian oil refineries disrupted refining operations and pushed up global diesel prices, with varying effects on Russia's exports. Meanwhile, Saudi Arabia continues to maintain high levels of oil exports and is working on developing alternative pipeline routes to the Strait of Hormuz to ensure the continuity of global supplies.
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