Oil Prices Balance Middle East Tensions Against Russia-Ukraine Energy Truce

Key Facts

1Brent Crude traded at $104 per barrel while WTI Crude hit $91, down 0.2% and 0.7% respectively.

2U.S. President Trump announced an energy ceasefire between Russia and Ukraine, offsetting price pressures.

3Iran-backed Houthis targeted King Khalid International Airport in Riyadh with ballistic and cruise missiles on Saturday.

Brent Crude traded at $104 per barrel while WTI Crude hit $91, down 0.2% and 0.7% respectively, according to oilprice.com. The price movement follows U.S. President Donald Trump's announcement of an energy ceasefire between Russia and Ukraine, a diplomatic breakthrough that has worked to offset immediate price pressures.

The market faced upward pressure after Iran-backed Houthis targeted King Khalid International Airport in Riyadh with ballistic and cruise missiles on Saturday. While this escalation in the Middle East added a geopolitical risk premium, oilprice.com reported that the Russia-Ukraine energy truce provided a bearish counterweight, keeping global crude prices relatively balanced despite the regional instability.