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Oil drops over 1% on Russian diesel supplies
Oil prices fell by more than 1% during today's trading session, after initially rising by about two dollars per barrel. The fluctuations were driven by conflicting factors: supply risks arising from tensions in the Middle East and potential increases in Russian diesel supply in global markets. U.S. President Donald Trump announced that Russia has agreed to supply diesel to international markets, following a temporary easing of U.S. sanctions on Russian fuel by his administration. This development helped alleviate concerns about supply shortages and eased some fears regarding oil prices. However, concerns still persist about potential attacks on energy facilities in the Gulf, with reports continuing of attacks on oil tankers near the Strait of Hormuz, which adds to the uncertainty about global supply stability.
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