Oil Prices Rebound Amid Uncertainty Over Ukraine Ceasefire

Oil prices experienced a rebound on Friday as uncertainty regarding a ceasefire in Ukraine continued to dampen expectations for increased Russian energy supplies. Brent crude rose to $70.58 per barrel, while West Texas Intermediate climbed to $67.28 per barrel, recovering some losses from the previous session. Russian President Vladimir Putin indicated support for a U.S. ceasefire proposal but added conditions that could delay its implementation, raising doubts about a quick resolution to the conflict. Analysts noted that geopolitical tensions are likely to disrupt supply despite expectations of declining overall demand due to a global trade war, particularly with the U.S. imposing new sanctions on Iran's oil exports. The International Energy Agency also warned that global oil supply could surpass demand by about 600,000 barrels per day this year. Market analysts remain cautious, suggesting that the political landscape will heavily influence oil price stability in the coming weeks.