After the US president’s statement, both the Brent and US WTI crude prices fell more than 1%. This shocked Kyiv, which also said that Russia had attacked several power plants in the country. There is an ENERGY CEASEFIRE in the war between Russia and Ukraine right now,” Trump said early Sunday morning on Truth Social. Both sides have agreed.
Ukraine’s allies welcomed the news, but Trump was criticised for temporarily lifting US sanctions on Russian diesel. European leaders and Kyiv said this would only give Russian President Vladimir Putin more power.
The drop in oil prices came after a spike that happened after Houthi attacks on Saudi Arabia over the weekend. In the deadliest attack on Saudi land in more than ten years, at least 12 people were killed at Riyadh’s international airport on Saturday. On Sunday, there was a second attack that killed one more person. The attacks were a big step up in the war in Yemen, where Riyadh has been supporting the internationally accepted government against the Houthis with troops for a long time.
On Sunday, the Iran-backed group said they had carried out several attacks in the past 24 hours and threatened to keep going after the kingdom’s transport hubs, calling them a theatre of operations for our forces.No longer does the market put a full geopolitical premium on every news story, and that is likely the most useful signal in the morning price action, Stephen Innes of SPI Asset Management wrote. If a strike affects real barrels, shipping routes, refining capacity, or insurance costs, it matters. If not, the market is becoming less willing to pay up just because the geopolitical ticker is flashing red.
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