Oil prices stabilize after Russia-Ukraine energy truce
Oil prices stabilized Wednesday after a nearly 1% drop in the previous session, as traders digested a U.S.-Russia agreement on a 30-day ceasefire in Ukraine’s energy sector.
At 10:45 ET (14:45 GMT), Brent Oil Futures expiring in May rose 0.1% to 70.58 per barrel, while West Texas Intermediate (WTI) crude futures traded largely flat at $66.77 per barrel.
Both contracts ended had risen sharply in early trade on Tuesday after Middle East tensions escalated, but closed nearly 1% lower after the temporary peace measures in Ukraine.
Putin agrees to 30-day ceasefire on Ukraine energy sites
Russian President Vladimir Putin has agreed to a 30-day cessation of attacks on Ukrainian energy infrastructure, following a proposal by U.S. President Donald Trump.
This agreement aims to de-escalate tensions and protect critical energy assets in Ukraine, marking a potential step toward broader peace negotiations.
This temporary truce has introduced new dynamics into the global oil market, particularly concerning supply expectations.
If U.S.-Russia peace talks on Ukraine succeed, Washington could ease certain sanctions on Russian energy exports, either by relaxing restrictions on oil trade or allowing more exemptions for buyers. This would enable Russia to increase crude and refined product shipments.
Source: Reuters
