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 [...]
Oil prices remained above $100 per barrel on Monday morning following President Trump's claims of a deal between Russia's President Putin and Ukraine's President Zelensky. The deal purportedly called for over 2.25 million barrels of diesel to be supplied to the US, equivalent to less than a day of supply in the US. However, the actual supply from Russia is expected to be less than a day's worth of supply.
Zelensky denied any knowledge of the ceasefire, claiming it was "news" to him, while also stating that Russia had attacked a power plant in Kyiv. Burnham welcomed the call for a ceasefire but attributed the rise in diesel prices in America to Ukraine's strikes in Russia. The oil price surge could lead to spending erosion and higher inflation, putting pressure on economic forecasts and potentially necessitating additional spending of £35bn by 2031 to prevent real term cuts to department budgets.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
