Oil prices tumble as stocks rise after Trump touts 'energy ceasefire'
Most stock markets rose early Monday ahead of European markets opening as oil prices tumbled after Donald Trump announced an "energy ceasefire" between Russia and Ukraine, which offset a fresh wave of Houthi attacks on Saudi Arabia.
Oil prices fell more than 1% after President Trump announced an energy ceasefire between Russia and Ukraine, causing surprise in Ukraine. The US president said both sides agreed to the cease-fire. Zelensky appeared surprised but said Ukraine supports it and wants Russia to do the same. Russia has not confirmed the agreement. The announcement reversed an earlier rise in oil prices due to Houthi attacks on Saudi Arabia.
The market is less sensitive to geopolitical news, focusing on real impacts on oil supply. Brent crude stayed above $100 despite tighter supply. Asian markets, except Tokyo, benefited from the drop. Investors are preparing for US inflation and retail sales data, as well as earnings reports from major companies.
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