Published 12/10/2026 – 6:04 GMT+2•Updated 11:26 The two main crude oil contracts, Brent and US WTI, sank more than 1% following the US president’s statement, even as it raised eyebrows in kyiv, which also said Moscow had attacked multiple power plants in the country. “Effective immediately, there is an ENERGY CEASE FIRE in the war between Russia and Ukraine,” Trump said early Sunday on Truth Social. “Both sides have agreed. Don’t break it!” His post came after he called on Ukrainian President Volodymyr Zelensky to stop attacks on Russian refineries and said it was “time for Ukraine to get a new president” who would finally resolve the war. Zelensky appeared to express surprise at the announcement and said he was seeking more details, but added that “Ukraine supports the ceasefire and it is important that Russia also supports it.” Russia has yet to confirm its agreement. While the announcement was welcomed by Ukraine’s allies, Trump came under fire after declaring a temporary easing of US sanctions on Russian diesel, which European leaders and kyiv said would only embolden Russian President Vladimir Putin. The drop in oil prices reversed an initial rally that came in response to Houthi attacks on Saudi Arabia over the weekend. At least a dozen people were killed at Riyadh international airport on Saturday – the deadliest attack on Saudi soil in more than a decade – and another died after a second attack on Sunday. The attacks marked a sharp escalation in the war in Yemen, where Riyadh has long militarily supported the internationally recognized government against the Houthis. The Iran-backed group claimed multiple attacks in the past 24 hours and threatened to continue attacking the kingdom’s transit hubs, calling them a “theater of operations for our forces.” “The market is no longer paying the full geopolitical premium on every headline, and that is probably the most useful signal in the morning’s price action,” wrote Stephen Innes of SPI Asset Management. “A strike matters if it threatens real barrels, shipping lanes, refining capacity or insurance costs; otherwise, the market is becoming increasingly reluctant to pay simply because the geopolitical indicator is flashing red.” The physical market remains tight enough to keep Brent above $100, but futures refuse to treat each new escalation as the start of another straight-line inflation shock. with Hong Kong, Sydney, Singapore, Wellington and Manila, but Seoul and Taipei were dragged down by losses from chipmakers SK hynix, Samsung and TSMC earnings season this week, with banking giants JP Morgan, Goldman Sachs and Bank of America due to release their reports later in the month and in November, and traders are keen to get a sense of the outlook for the AI sector in light of the huge sums of cash pumped into it in recent years. French fiscal concerns, meanwhile, the yen held at $158.24 per dollar and the risk of Japanese intervention deterred speculators. Also early Monday, spot gold rose 0.1% to $4,198 an ounce, supported by a weaker dollar and lower oil prices that eased worries about inflation and rates, while silver gained 0.4% to $61.02 an ounce.
