Oil Market

Trump defends deal with Russia: "Right choice for the people"

...which entails the US purchasing diesel from Russia, in conflict with previous sanctions. The president has faced criticism for the move from both Republicans and Democrats.

"I made the right choice for the American people – USA first, always!" he wrote on the platform Truth Social on Monday.

Diesel prices have risen sharply in the US recently, contributing to a decline in Trump's popularity ahead of the midterm elections in November.

Oil price turns upward following new attacks on Ukraine

The oil price started the week lower following mixed geopolitical signals over the weekend but has turned upward during the morning.

This development follows Donald Trump's announcement regarding an agreement to halt attacks on energy facilities between Russia and Ukraine. Ukrainian President Volodymyr Zelenskyy denies these claims, stating on Monday that Russia has continued to attack the country.

Reuters reports market uncertainty regarding whether Russia will actually be able to increase its energy exports following the new diesel deal with Trump.

According to Bloomberg, new attacks by Houthi rebels on the airport in the Saudi capital, Riyadh, appear to be being disregarded.

At around 11:15 AM, Brent crude futures were up 0.7 percent to just over $105 per barrel.