Crude falls as Trump claims new Ukraine energy ceasefire
Moscow has not confirmed the claim and Kyiv says it will only accept a ceasefire if Russia agrees too
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Chart: USO, a fund that tracks crude, one-minute prices, three sessions
UpdateMonday, October 12, 2026 at 7:56 AM ET
The Kremlin said on Monday it had nothing to comment on Trump's energy ceasefire proposal. It also said it had rejected a separate truce proposal from Zelenskiy.
Oil prices fell after President Trump said on Truth Social that Russia and Ukraine had agreed to an energy ceasefire. Brent crude dropped 1.2% on the news.
Russia has not confirmed the claim. President Zelenskiy has said the announcement caught him by surprise and that Ukraine will accept a ceasefire only if Russia does too.
This is at least the third time Trump has announced an energy ceasefire since mid-September. Earlier claims, including one made on September 14 and another on October 11, were followed by continued strikes on refineries and power grids rather than a halt.
Washington has separately pressed Ukraine and Europe to stop hitting Russian oil refineries, threatening to limit arms supplies if the strikes continue. For traders, the test is whether attacks on energy infrastructure actually stop in the coming days, a bar none of Trump's earlier ceasefire claims has cleared.
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