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Oil rebounds as Ukraine ceasefire doubts and Saudi attacks lift risk premium

Brent climbed from $102.9 to above $106 and WTI rebounded from $90.1 to above $93, while the dollar index rose to around 102.4.

Reported · Written up by our desk · Major Pairs

Action Forex said oil reversed sharply higher on Monday after early optimism about a proposed Russia-Ukraine energy ceasefire faded into doubts about whether disruptions would actually ease.

The outlet also pointed to renewed Houthi attacks on Saudi Arabia as an additional geopolitical risk that a Russia-Ukraine ceasefire would not address.

As oil prices rebounded, Action Forex reported the dollar strengthened alongside crude, with the DXY rising to around 102.4.

The outlet noted that both oil and the dollar lacked strong directional momentum, with the next directional tests tied to the US cash Treasury market reopening and the upcoming US CPI release.

Latest closeWTI crude $91.10 ▲3.2%

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