Oil rises above $105 amid supply concerns
Oil prices have risen significantly, exceeding $105 per barrel, following US President Donald Trump's announcement of the start of a "peace truce" between Russia and Ukraine. This has boosted market optimism about increased Russian energy supplies to the global markets. Although prices initially dipped by about 1.5% due to this news, they quickly rebounded after Ukraine expressed support and Moscow reaffirmed its commitment to the truce. At the same time, markets anticipate ongoing oil price volatility influenced by regional tensions, including Houthi attacks on Saudi Arabia, and the effects of Hurricane Esiayas on US oil production, amid growing pressures on the oil market.
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