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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.

The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020. REUTERS/Adrees Latif/File Photo
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A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol/File Photo

Overview

  • 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.