Oil Prices Fall After Trump Claims 'Energy Ceasefire' in Ukraine War

Oil prices fell after Trump said an 'energy ceasefire' had been reached in the Ukraine war, according to the Financial Times. The claim followed a reported diesel deal between Washington and Moscow, part of what the FT describes as an effort by Trump to contain the political impact of higher fuel costs heading into the midterm election. The drop in oil prices had knock-on effects: Bitcoin held above $84,000 the same session even as oil fell, and currency desks noted the dollar remained near an 18-month high against a basket of peers. What is unresolved is whether the ceasefire claim reflects an actual negotiated halt to energy-related strikes or a political characterization ahead of the vote. The durability of any truce, and whether Russia and Ukraine both confirm its terms, will determine whether the price move holds.