Oil prices fell as traders weighed U.S. President Donald Trump’s claim that Russia and Ukraine had agreed to an "energy ceasefire," even as hostilities in the Middle East escalated. According to Sina Finance, Brent crude futures dropped below $104 a barrel, ending a two-day rally, while WTI crude fell back below $91 a barrel.

Trump posted on social media that the energy ceasefire took effect immediately. He made a similar claim last month, but Ukrainian President Volodymyr Zelensky said no final agreement had been reached.

Prices declined despite renewed attacks on Saudi Arabia’s main airport and another tanker attack near the Strait of Hormuz. According to Sina Finance, Brent crude for December settlement fell 1.4% to $103.29 a barrel, while November WTI crude fell 1.5% to $90.49 a barrel.