Oil prices today: Brent crude declines as Trump announces Russia-Ukraine energy truce
Brent crude oil prices declined following reports of a potential energy truce between Russia and Ukraine and promises of increased diesel supply. However, ongoing geopolitical tensions in the Middle East continue to exert upward pressure on global oil prices.
Why it matters
Fluctuations in oil prices directly impact global inflation, transportation costs, and energy security.
Oil prices fell on Monday as expectations of additional Russian diesel supplies and a possible halt to attacks on energy facilities in the Russia-Ukraine conflict eased some concerns over supply. However, continued tensions in the Middle East kept Brent crude above $100 a barrel.Brent crude futures fell $1.54, or 1.47%, to $103.18 a barrel by 7.24 am IST. US West Texas Intermediate (WTI) crude declined by the same amount, or 1.68%, to $90.31 a barrel.ICE gasoil futures, a benchmark for diesel, fell 3% to $1,436 per barrel after US President Donald Trump said Russia would supply additional diesel to US and global markets.Earlier on Friday, Trump said that Russia would immediately supply more than 300,000 metric tonnes of diesel, equivalent to around 2.25 million barrels.He added that another 500,000 tonnes would be supplied in November, followed by a further 1 million tonnes “immediately thereafter”.Global daily diesel consumption is forecast to…
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in