Oil Prices Fluctuate as Ukraine Energy Ceasefire and Middle East Tensions Shape Markets
A temporary halt on attacks in Ukraine, rising U.S. crude inventories, and renewed Middle East violence are driving uncertainty in global energy markets.
- Russian President Vladimir Putin agreed to a temporary halt on strikes against Ukrainian energy infrastructure, following a proposal by U.S. President Donald Trump.
- Oil prices have shown mixed movements, with recent increases driven by a significant drawdown in U.S. distillate inventories and escalating geopolitical tensions in the Middle East.
- Middle East instability intensified with Israeli airstrikes in Gaza and U.S. airstrikes on Houthi targets in Yemen, raising risks to oil supply security in the region.
- Analysts suggest the temporary Ukraine ceasefire could lead to eased sanctions on Russian energy exports, though any significant increase in supply is expected to take time.
- Further U.S.-Russia talks on the Ukraine conflict and energy issues are scheduled for Sunday, March 23, 2025, in Saudi Arabia.
The Globe and Mail 
