Stocks mixed as oil slips after Trump declares ‘energy ceasefire’
AgenciesStock markets were mixed on Monday as oil prices fell after US President Donald Trump announced an “energy ceasefire” between Russia and Ukraine, offsetting the impact of a...
On Monday, stock markets experienced mixed results as oil prices plummeted following US President Donald Trump's announcement of an "energy ceasefire" between Russia and Ukraine. The sharp decline in oil prices, exceeding a 1% drop, was a stark contrast to the recent surge in energy prices triggered by Houthi attacks on Saudi Arabia.
Trump's declaration, posted on Truth Social, called for both sides to respect the ceasefire and warned of repercussions if broken. The announcement surprised Kyiv, which reported Russian strikes on Ukrainian power plants, and Ukrainian President Volodymyr Zelensky expressed surprise but supported the ceasefire. However, Ukraine's allies welcomed the news, while Trump faced criticism for easing US sanctions on Russian diesel, potentially encouraging Russian President Vladimir Putin.
The drop in oil prices followed the weekend's Houthi attacks, which killed at least 12 people and marked a significant escalation in the Yemen conflict. Despite the turmoil, Asian markets initially performed well, but the rally fizzled as the day progressed, with losses in chipmakers affecting Seoul, Sydney, Singapore, Wellington, and Manila.
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