Oil prices drop amid Trump's Russia-Ukraine energy deal

Ukrainian President Volodymyr Zelenskyy publicly backed a proposed ceasefire in the Russia-Ukraine conflict, stating that Ukraine supports the agreement and urges Russia to do the same.

The announcement follows a deal between the United States and Russia, as reported by Trump, which includes Russia providing over four million tons of diesel to global markets.

Iranian Foreign Minister Abbas Araghchi contacted Saudi Arabia's Faisal bin Farhan bin Abdullah to discuss recent regional tensions and potential solutions.

Al Jazeera reported that Araghchi is willing to facilitate dialogue between Saudi Arabia and Yemen's Houthis, following attacks by the group on Saudi infrastructure, including Riyadh's airport.

Analysts note that ongoing tensions between the US and Iran could continue to influence oil prices, alongside the impact of Hurricane Isaias on US energy production.

UOB noted that 'the pressure on oil prices could remain on the upside as Hurricane Isaias strengthened to Category 3 with 193km/h winds as it approached the US Gulf Coast, forcing energy producers to curtail offshore output.'