Both main crude contracts fell more than 1% after US President Donald Trump announced an energy ceasefire between Russia and Ukraine, according to AFP.

Trump wrote on Truth Social that there is an energy ceasefire “effective immediately” and that “both parties have agreed. Do not break it!”. Ukraine's President Volodymyr Zelensky appeared to express surprise, said he was seeking further details and added that “Ukraine supports the ceasefire, and it is important that Russia support it as well”. AFP also reported that Kyiv said Moscow had struck multiple power plants in the country.