Oil prices rise amid Middle East tensions and Trump ceasefire claims

Summarised from 2 outlets · 3 reports · Updated 12 Oct, 15:19 · Archive

Oil prices moved above $105 a barrel as President Trump announced a ceasefire between Russia and Ukraine over energy infrastructure.

Oil prices rose sharply on Monday, with Brent crude jumping to $106.73 a barrel, up 1.9 per cent, and West Texas Intermediate climbing 2.1 per cent to $93.73. The rise came after President Trump announced over the weekend that Russia and Ukraine had agreed to a ceasefire on attacks against each other's energy infrastructure. Trump also said Russia's President Putin had vowed to supply more than 4 million tonnes of diesel to the global market.

However, Ukrainian President Zelensky disputed Trump's claims. Zelensky said Russia had continued to strike energy facilities and that he had not heard approval of the ceasefire from the Russian side, describing it as 'news' to him. City AM reports that Trump attributed a rise in diesel prices in America to Ukraine's strikes in Russia.

Geopolitical tensions worsened when an Iran-backed group launched drone and missile strikes on an international airport in Riyadh over the weekend, killing at least 13 people. A Saudi-led coalition said it was facing another round of attacks from Yemen's Houthi rebels. The escalation threatened Saudi Arabia's efforts to maintain energy production during the global oil crunch. National average diesel prices have soared above $6 a gallon, impacting the costs of food, apparel and other consumer goods.

How it is being reported

• Oil soars above $105 in wake of Saudi airport strike, Ukraine energy attack blamed on RussiaOil soared above $105 a barrel Monday morning in the wake geopolitical turmoil, with an Iran-backed group launching a deadly strike on a Saudi airport and Ukraine accusing Russia of attacking energy facilities in spite of a ceasefire declared by President Trump.New York Post · 12 Oct, 15:05
• Oil prices waver as Trump pushes for dubious Ukraine-Russia ‘ceasefire’Oil prices remained above the $100 mark on Monday morning after President Trump hailed a deal with Russia’s President Putin that would lead to the supply of millions of barrels of diesel to the US and global markets. Brent crude oil futures, a benchmark for international prices, fell by about 0.6 per cent to $104 [...]City AM · 12 Oct, 10:21
• FTSE 100 Live: Stocks to gain; oil drops on Trump’s Russian diesel plansWelcome back to City AM‘s FTSE 100 live blog. The UK’s blue-chip index is set to make gains on Monday morning, picking up where Friday’s rally left off. Oil prices fell in early trading, as Brent crude – the international benchmark for oil – dipped below $104 per barrel following President Trump’s plans to import [...]City AM · 12 Oct, 06:22

In this story: Donald Trump · Vladimir Putin · Volodymyr Zelensky · Russia · Ukraine · Saudi Arabia · Yemen

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