From CNBC · Justina Lee · · 50s
Oil Prices Drop After Trump's Energy Ceasefire Claim
Trump's Russia-Ukraine energy ceasefire claim causes oil prices to fall.
In brief
Trump's Russia-Ukraine energy ceasefire claim causes oil prices to fall. Oil prices dropped after Trump declared a Russia-Ukraine energy ceasefire, with Brent crude falling 0.77% to $103.91 per barrel. Originally reported by CNBC.
Trump declares Russia-Ukraine energy ceasefire
President Donald Trump stated there is an energy ceasefire between Russia and Ukraine effective immediately.
“Effective immediately, there is an ENERGY CEASEFIRE in the War between Russia and Ukraine. Both parties have agreed. Do not break it!”
Oil prices fall following Trump's statement
Brent crude futures dropped 0.77% to $103.91 a barrel, while WTI futures declined 1.26% to $90.69 per barrel.
Iran reaches out to Saudi Arabia
Iran's Foreign Minister Abbas Araghchi contacted Saudi Arabia's Foreign Minister Faisal bin Farhan bin Abdullah to discuss regional escalation and dialogue with Yemen's Houthis.
“Al Jazeera reported Araghchi had said Iran was ready to provide assistance to help with the start of dialogue between Saudi Arabia and Yemen's Houthis.”
Hurricane Isaias impacts oil supply
Hurricane Isaias strengthened to Category 3 with 120mph winds, forcing energy producers to curtail offshore output.
The short version
Oil prices dropped after Trump declared a Russia-Ukraine energy ceasefire, with Brent crude falling 0.77% to $103.91 per barrel.
