Spread the word
By Blessing Anaro, Lagos
Crude oil prices went higher on Monday, climbing above the $106 level after deadly attacks on Riyadh’s international airport over the weekend. Prices were however restrained by U.S. President Donald Trump’s announcement of an energy ceasefire between Russia and Ukraine, which raised hopes of fewer disruptions to fuel supplies.
As of 07:52 ET (11:52 GMT), Brent oil futures for December rose 1.3 per cent to $106.10 a barrel, while West Texas Intermediate (WTI) crude futures climbed one per can to $93.10 a barrel.
Brent dipped to $102.33 as traders weighed the prospect of fewer disruptions in Russian fuel supplies after Trump claimed that Russia and Ukraine had agreed to an energy ceasefire, effective immediately.
Kyiv and Moscow did not confirm the agreement.
Trump over the weekend threatened Ukrainian President Volodymyr Zelenskiy to stop attacking Russian refineries, while also calling for his removal as Ukraine’s leader.
Trump had previously announced an energy ceasefire in mid-September, although neither Russia, nor Ukraine confirmed such an agreement.
Trump, whose war with Iran has been largely attributed as causing higher global oil prices, also blamed Zelenskiy and Ukraine for driving up global oil prices.
Kyiv was seen increasingly attacking Russia’s oil refining and shipping infrastructure in recent weeks, causing major disruptions in global fuel supplies.
Spread the word