Trump declares Russia-Ukraine ‘energy ceasefire’

Oil prices dropped after US President Donald Trump claimed a "energy ceasefire" between Russia and Ukraine, despite ongoing conflicts elsewhere. Brent crude fell below $104 a barrel, while West Texas Intermediate was near $91. Trump posted the claim on social media, but Ukrainian President Volodymyr Zelenskyy denied a finalized deal.

The decline in prices came despite renewed attacks on Saudi Arabia's main airport and additional tanker assaults near the Strait of Hormuz. The kingdom faced another strike on Sunday, this time by Iran-backed Houthi militants. Ukrainian assaults on Russian refineries have tightened diesel supplies globally. Trump's social media announcement came after he said he was working with Russian President Vladimir Putin to release Russian diesel to the market.

Price spikes have frustrated voters ahead of November's midterm elections. Trump has threatened to ban diesel exports and lift restrictions on using a tax-exempt variety to lower costs. The International Energy Agency's executive director, Fatih Birol, urged governments to expedite diesel releases and consider more market supplies.

The current situation merits immediate attention, Birol stated before the agency's Oct 15 meeting. Brent's price has risen by nearly 70% this year as the US-Iran war continues with no resolution. Major Middle Eastern oil producers have restored crude exports through the Strait of Hormuz near pre-conflict levels, but rising attacks and regional tensions could threaten those flows.

Saudi officials said the latest attack on Riyadh's airport killed one person and injured 12. The kingdom's foreign minister had discussed the latest escalation with his Iranian counterpart days before the attack.