26 March 2025: 16:30 GMT
Brent futures soared to above $74 in a sudden afternoon rally, hitting $74.16/bbl at 15:51 GMT like a market jolted awake, then declined back to $73.92/bbl by close. The trigger? A Black Sea ceasefire announcement that lasted about as long as a Snapchat story.
After three days of tough negotiations in Saudi Arabia, Russia and Ukraine agreed to a naval ceasefire in the Black Sea – or so the US thought. Within hours of the US announcing this agreement, the Kremlin said it would only commit to doing so once sanctions on several Russian banks were lifted. These demands include a restoration of the state agricultural bank Rosselkhozbank’s access to Swift, which would require EU approval….oh boy, will this get dragged on.
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