# Oil Prices Drop After Trump's Energy Ceasefire Claim

> Trump's Russia-Ukraine energy ceasefire claim causes oil prices to fall.
- Title: Oil Prices Drop After Trump's Energy Ceasefire Claim · CNBC
- Summary: Trump's Russia-Ukraine energy ceasefire claim causes oil prices to fall. Oil prices dropped after Trump declared a Russia-Ukraine energy ceasefire, with…
- Keywords: brent crude, wti, trump, russia, ukraine, iran, saudi arabia, houthi, hurricane isaias, business, finance, Oil
- Source: CNBC — https://cnbc.com/2026/10/12/oil-prics-today-iran-us-saudi-arabia-crude-.html
- Author: Justina Lee
- Published: 2026-10-12T02:16:58+00:00
- Read time: 1 min
- Topics: brent crude, wti, trump, russia, ukraine, iran, saudi arabia, houthi, hurricane isaias, business, finance
## 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.
## Key takeaway

Oil prices dropped after Trump declared a Russia-Ukraine energy ceasefire, with Brent crude falling 0.77% to $103.91 per barrel.