25 March 2025: 16:30 GMT
Big news out of Riyadh! The US announced that both Russia and Ukraine agreed to a truce in the Black Sea and ‘will try their very best’ to avoid attacking each other’s energy infrastructure. Pinky promise! Bears are omnivores and enjoy carrots too, and the Kremlin would be well advised to take sanctions relief where they can get it. To this end, the US stated it would restore Russia’s access to global agricultural and fertiliser markets, while the Kremlin emphasised the need for sanctions relief on banks and companies involved in the food trade. It only took them several days to come up with this! The road to peace is a piecemeal one, pun intended, but welcome nonetheless. As Uncle Sam might put it to Putin and Zelenskyy, I want you guys to stop fighting! And the market reacted swiftly to the news! Brent futures surged to above $73.50/bbl in the morning before slumping in the afternoon by about $1 to close at $72.76/bbl.
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