Russia Ukraine ceasefire impacts oil prices
Oil prices remained high above $100 for Brent crude, despite trading pauses due to a holiday in the oil market. Expectations suggest that the Russia-Ukraine ceasefire may lead to a temporary decline in oil prices. The US president announced a ceasefire on energy facilities with the consent of both parties, which could relieve some pressure on the market. However, supplies from the Middle East and the Strait of Hormuz continue to support prices. Experts forecast that Brent may temporarily dip below $100, amid ongoing tensions and constrained supplies. Meanwhile, international banks have raised their oil price forecasts for 2027, citing continued shipping disruptions in the Strait of Hormuz.
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