Brent tops $105 as doubts grow over supply boost from Trump’s ‘energy ceasefire’

BREAKING: Brent crude tops $105 a barrel as doubts grow over the supply boost from Trump's 'energy ceasefire', with Zelenskyy warning Russia must also support the truce.

Brent just topped 105 dollars a barrel. So much for the supply boost.

Trump declared an energy ceasefire between Russia and Ukraine on Sunday, in capital letters, with a warning not to break it. Oil dipped about one and a half percent on the news, then turned right around. Brent for December climbed to 105.68, and WTI pushed up to 92.72. The market heard the announcement and decided it didn't believe it.

Zelenskyy welcomed the truce but said Moscow has to actually honour it, which tells you where the doubt lives. Trump also says Putin agreed to send more than four million tons of diesel to the global market. Traders price barrels they can see, not barrels in a phone call.

And the rest of the board is ugly. Houthi missiles struck Riyadh's airport on Saturday, killing twelve people, and a Category 3 hurricane is forcing US Gulf producers to shut in offshore output. A ceasefire on paper, and risk everywhere else. That's why oil sits above 105.

This is Sara White, reporting for HIT.