Oil prices have fallen to their lowest level in seven months amid growing hopes of a peace deal between Russia and Ukraine.
Brent crude slipped 1% to $59.90 a barrel, its weakest level since early May, as markets reacted to diplomatic developments in Europe.
The move followed comments from European leaders indicating they are prepared to lead a “multinational force” in Ukraine as part of a US-backed peace proposal.
In a joint statement, the UK, France, Germany and eight other European countries said a “coalition of the willing”, supported by the US, could help rebuild Ukraine’s armed forces, secure its airspace and support maritime safety, including operations inside Ukraine.
The plan forms part of a broader package of security guarantees endorsed by the White House, which US and European officials say could represent a breakthrough in efforts to end the conflict.
However, major disagreements remain, particularly over the future status of Ukrainian territories currently occupied by Russian forces.
