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Russia and Ukraine Agree to Temporary Halt in Energy Strikes, Oil Prices Dip

The halt raises hopes for increased oil supply, but sanctions, Middle East tensions, and U.S. economic policies maintain market uncertainty.

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
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol/File Photo
FILE PHOTO: Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. Picture taken December 7, 2018. REUTERS/Stringer/File Photo

Overview

  • Russian President Vladimir Putin agreed to a temporary halt in attacks on Ukrainian energy infrastructure, following a proposal by U.S. President Donald Trump.
  • Oil prices dropped slightly as markets anticipated the possibility of increased Russian oil supply if sanctions are eased.
  • Middle East instability, including Israeli airstrikes in Gaza and U.S. actions in Yemen, is keeping oil price declines in check.
  • U.S. tariffs on key trading partners are fueling recession fears, dampening energy demand and contributing to market volatility.
  • Talks between Russian and U.S. officials are scheduled in Saudi Arabia on March 23 to explore further steps toward de-escalation in Ukraine.