Global Oil Market Reacts to Ceasefire Talks

Crude oil prices experienced a 1% increase on Friday, driven by the ongoing uncertainty surrounding a potential ceasefire agreement between Russia and Ukraine. This development has the potential to significantly impact global energy supplies, particularly from Russia.

Leaders' Stances on Ceasefire

Russian President Vladimir Putin has expressed openness to a 30-day ceasefire, contingent upon it leading to a "long-term" peace. In contrast, Ukrainian President Volodymyr Zelensky has accused Putin of being reluctant to accept a ceasefire proposal, suggesting that Putin is hesitant to communicate this directly to U.S. President Donald Trump.

Market Response

West Texas Intermediate crude for April delivery saw a 1.23% rise, reaching $67.30 per barrel, while Brent crude for May delivery increased by 1.04%, trading at $70.58 per barrel.