Oil prices tumble as stocks rise after Trump touts 'energy ceasefire'

Key Points:

• Both Brent and US WTI crude oil prices dropped over 1% following US President Trump's announcement of an immediate energy ceasefire between Russia and Ukraine, a move that surprised Kyiv and awaits confirmation from Moscow.
• Trump also called on Ukrainian President Zelensky to halt attacks on Russian refineries and suggested Ukraine needed a new president to resolve the war, prompting mixed reactions and criticism over a temporary easing of US sanctions on Russian diesel.
• The initial oil price spike caused by Houthi attacks on Saudi Arabia, including deadly strikes on Riyadh's international airport, was reversed as markets showed reluctance to react strongly to geopolitical tensions without direct impact on oil supply.
• Asian stock markets mostly rose supported by lower oil prices, while chipmaker losses weighed on Seoul and Taipei; US futures climbed ahead of key inflation, retail sales data, and the upcoming earnings season featuring major banks and tech firms.
• The dollar index remained steady amid Middle East tensions, the euro hovered near recent lows due to French fiscal concerns, and gold and silver prices edged higher, benefiting from a softer dollar and easing inflation fears.