Crude Drops After Trump's Energy Ceasefire Pitch; Cramer Unconvinced

Crude slipped following President Donald Trump's declaration of an energy ceasefire between Russia and Ukraine; Jim Cramer, a CNBC host, expects the commodity to hover near $100 as long as the fighting lasts.

No response has come from Moscow, and Ukraine's President Volodymyr Zelensky says a Kyiv power plant was hit by Russia after the announcement. No terms for the pause were given by Trump.

Does the Russia-Ukraine Energy Ceasefire Extend to the Iran War Behind Fuel Prices?

Data from Trading Economics on Monday showed Brent crude at about $103 a barrel and West Texas Intermediate, the US benchmark, near $90. Over the last month, WTI has lost about 12%, while Brent is down about 3.5%.

BREAKING: Oil crashes below $90 as Russia-Ukraine energy ceasefire raises expectations of increased Russian oil supplies.

— Bull Theory (@BullTheoryio) October 12, 2026

Jim Cramer highlighted a recurring theme in past ceasefire headlines.

“We have seen these again and again and we are fooled again and again.”

oil falling on an energy cease fire. We have seen these again and again and we are fooled again and again. As long as there is a war on oil will stay clustered around $100

— Jim Cramer (@jimcramer) October 12, 2026

The ceasefire covers just Russia and Ukraine. Zelensky has said Ukraine will refrain from striking Russian energy facilities if Moscow does likewise.

Support has also been voiced by Britain, France, and Canada.

The BBC, for its part, connects higher fuel costs around the world, especially for diesel, to the war with Iran.

The demand that Kyiv halt its attacks on Russian oil facilities is linked to Trump's Russian diesel deal, which temporarily relaxes sanctions on Russian imports.

Seven US senators from both parties, in contrast, contend the arrangement runs counter to the standing ban on Russian energy imports. According to Zelensky, the deal aids Russian President Vladimir Putin.

Inflation more broadly has already been driven by higher prices at the pump, according to the BBC. If Brent remains near $100, that strain could continue to weigh on equities, bonds, and households.

Markets may keep testing Cramer's $100 level until Moscow replies and Iran-related supply risks subside.