Energy prices rise after Trump’s ‘energy ceasefire’ fails to move Russia or Ukraine

Oil and gas prices rose Monday after an “energy ceasefire” announced by President Donald Trump on Sunday failed to gain traction.

U.S. diesel fuel futures rose slightly in late afternoon trading, while Brent crude oil jumped 2% to almost $108 per barrel and U.S. crude oil rose more than 2% to about $94.

The price pressures continued to mount with just weeks to go before the Nov. 3 midterm elections. Republicans face a steep climb to maintain their majorities in Congress, and voters across the country cite high gas prices as a key issue affecting their votes.

The average nationwide price of diesel fuel Monday was $6.26 per gallon, nearly 80% higher than it had been at the start of the year, according to AAA data.

The rising prices Monday came less than 24 hours after Trump declared that a ceasefire had been agreed to.

“Effective immediately, there is an ENERGY CEASEFIRE in the War between Russia and Ukraine. Both parties have agreed. Do not break it!” Trump wrote on Truth Social.

Shortly after the president’s post, Russia renewed strikes against Ukrainian energy assets.

President Volodymyr Zelenskyy said Ukraine learned about Trump’s ceasefire from media reports and was given no…

Original source: https://www.nbcnews.com/business