Economy · 10/12/2026
Oil Extends Declines as Traders Weigh Trump's Ceasefire Claim
Traders are weighing Trump's claim of an Russia-Ukraine "energy ceasefire" as oil extends declines and Middle East hostilities escalate.
Why it matters
The oil market is weighing Trump's ceasefire claim alongside escalating hostilities in the Middle East.
- ★Oil extended declines as traders weighed Trump's claim of an "energy ceasefire" between Russia and Ukraine.
- ★Middle East hostilities escalated, with Houthi strikes on Riyadh airport in Saudi Arabia.
- ★Rapidan Energy Group founder Bob McNally discussed geopolitical risks to oil markets on Bloomberg.