Oil prices dipped after President Donald Trump declared an energy ceasefire between Russia and Ukraine. CNBC host Jim Cramer expects crude to stay near $100 while the war continues.
However, Moscow has not commented, and Ukrainian President Volodymyr Zelensky says Russia hit a Kyiv power plant after the announcement. Trump gave no terms for the pause.
Does an Energy Ceasefire Reach the Iran War Behind Fuel Prices?
Brent crude traded near $103 per barrel on Monday, according to Trading Economics. West Texas Intermediate (WTI), the US benchmark, sat near $90. Over the past month, however, WTI fell about 12% while Brent slipped about 3.5%.
BREAKING: Oil crashes below $90 as Russia-Ukraine energy ceasefire raises expectations of increased Russian oil supplies. pic.twitter.com/fV88PQh9Wp
— Bull Theory (@BullTheoryio) October 12, 2026
Cramer pointed to a pattern in earlier ceasefire headlines.
“We have seen these again and again and we are fooled again and again.”
oil falling on an energy cease fire. We have seen these again and again and we are fooled again and again. As long as there is a war on oil will stay clustered around $100
— Jim Cramer (@jimcramer) October 12, 2026
The truce covers Russia and Ukraine only. Zelensky said Ukraine will hold its fire on Russian energy sites if Moscow does the same.
Britain, France, and Canada have also voiced support.
Meanwhile, the BBC links the rise in global fuel costs, diesel especially, to the war with Iran.
Trump wants Kyiv to stop attacking Russian oil sites, a demand tied to his Russian diesel deal. That deal temporarily eases sanctions on Russian imports.
In contrast, seven US senators from both parties argue the deal contradicts the existing ban on Russian energy imports. Zelensky says it helps Russian President Vladimir Putin.
Higher pump prices have already fed broader inflation, the BBC reports. Still, if Brent holds near $100, that pressure could persist for stocks, bonds, and consumers.
Until Moscow responds and Iran-related supply risks ease, Cramer’s $100 line may stay the level markets test.
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