Oil prices rose on Monday after Russian strikes targeted Ukrainian energy infrastructure, occurring just hours after President Trump announced an energy ceasefire between the nations. Meanwhile, the S&P 500 Energy Sector closed at its first record-high in nearly a month, and traders monitored lethal Houthi attacks on Saudi Arabia’s main airport.
Crude markets strengthened on Monday following a fresh wave of Russian attacks on Ukrainian energy facilities. The strikes arrived shortly after President Trump declared an energy ceasefire
between Russia and Ukraine. Despite a supply deal struck with Russia the previous week that would likely have a limited effect on prices, traders pushed the global benchmark higher.
Crude Prices Rise Amid Energy Infrastructure Strikes
Brent crude, the global benchmark, added 1.8% to $106.65 a barrel on Monday. Diesel futures also pared earlier declines as the market absorbed the news of the energy infrastructure strikes. The S&P 500 Energy Sector responded to the tighter supply outlook by closing at its first record-high in nearly a month, posting a 1.5% gain for the session.
Geopolitical Tensions Influence Mixed Wall Street Performance
Beyond the conflict in Eastern Europe, energy traders maintained a nervous focus on the Middle East over the weekend. Iran-backed Houthi militants carried out lethal strikes targeting Saudi Arabia’s main airport, adding further geopolitical tension to commodity markets. On Wall Street, U.S. stocks finished the day mixed. The Dow industrials 0.3% higher, while the Nasdaq composite and S&P 500 finished the session slightly lower. U.S. bond markets remained closed in observance of Columbus Day, which is marked by some as Indigenous Peoples’ Day.
