Stocks rise as oil prices tumble after Trump hails ‘energy ceasefire’

On Sunday, US President Donald Trump announced an "energy ceasefire" in the ongoing war between Ukraine and Russia. Trump posted on social media that both parties had agreed to the ceasefire, which he claimed would take effect immediately. However, Ukrainian President Volodymyr Zelensky expressed surprise at the news, stating that he had not heard of the deal until Trump's announcement.

Zelensky's office said that Ukraine was open to agreeing to a ceasefire on energy targets, provided that Russia also complied. Zelensky emphasized the need for "real guarantees" to ensure the deal's success. Earlier in the day, Zelensky reiterated Ukraine's willingness to halt attacks on Russian refineries, but only if Russia ceased its own strikes on Ukrainian power infrastructure.

France's President Emmanuel Macron and EU chief Ursula von der Leyen both expressed support for Zelensky's calls for a ceasefire. Macron called it a "real energy ceasefire" and pledged continued support for Ukraine and Zelensky. Von der Leyen also backed Zelensky's stance, stating that the deal would protect global food supplies and energy infrastructure in both countries.

Russia has not yet commented on Trump's announcement. The previous US administration had also proposed an energy ceasefire in mid-September, but neither side confirmed its existence.