Oil Prices Fall on Hopes of Russia-Ukraine Ceasefire
Published On 12 Oct, 2026
9 News HD: Global oil prices fell on Monday as hopes for an energy ceasefire between Russia and Ukraine raised expectations of more fuel supplies in the international market.
According to market data, Brent crude futures dropped by 0.11% to $104.61 per barrel, while US West Texas Intermediate (WTI) crude fell by 0.53% to $91.36 per barrel. Both oil prices had declined by more than 1% earlier in the trading session.
US President Donald Trump said Russia and Ukraine had agreed to stop attacks on each other’s energy facilities. However, Ukrainian President Volodymyr Zelenskiy said he was still waiting for details of the proposed ceasefire, while Russia had not issued an immediate response.
The announcement came after Trump said Russia would supply more diesel to the United States and global markets. He said an initial shipment would include more than 300,000 metric tonnes of diesel, with further supplies expected in the coming months.
The possibility of additional fuel supplies helped reduce some concerns about shortages. However, market experts warned that the impact on oil prices could remain limited until there is clearer evidence that the ceasefire will hold.
Tensions in the Middle East also continued to support oil prices. Recent attacks on ships near the Strait of Hormuz have raised concerns about the safety of oil shipments and the flow of crude from the region.
The latest market movement shows how political developments and conflicts can affect global energy prices. Traders will continue to watch the Russia-Ukraine situation, fuel supplies and security risks in the Middle East to see whether oil prices fall further or rise again.
