- Trump said Russia and Ukraine will not target each other's energy facilities, and he declared an energy ceasefire effective immediately.
- Brent crude for December delivery dropped 1.65% to $102.99 a barrel and WTI for November declined 1.92% to $90.09 per barrel.
- Trump said Russia will supply more than 4 million tons of diesel to the global market under a deal struck with Putin, raising prospects of more Russian energy reaching markets.
- Houthi missile strikes on Riyadh airport on Saturday killed 12 people and injured over 300, according to UOB, which said the strikes materially elevated Middle East risk premia.
- Hurricane Isaias strengthened to Category 3 as it approached the US Gulf Coast, forcing energy producers to curtail offshore output.
- Separately, Nikkei Asia reports that physical crude prices for immediate delivery reached a new high as Strait of Hormuz disruption lifts the premium.
Quotes
“Effective immediately, there is an ENERGY CEASEFIRE in the War between Russia and Ukraine. Both parties have agreed. Do not break it!”
“Ukraine supports the ceasefire, and it is important that Russia support it as well.”