This aerial image shows the Boracay oil tanker anchored off the Atlantic coast off Saint-Nazaire, western France, on October 1, 2025. French authorities said on Wednesday they were investigating the Boracay oil tanker anchored off the Atlantic coast and suspected of being part of Russia’s clandestine “shadow fleet.”
Damian Meyer | AFP | fake images
Oil prices extended their declines and energy stocks fell on Friday as U.S. President Donald Trump pushed for a peace deal to end the long-running war between Russia and Ukraine.
International reference Brent Crude oil futures expiring in January fell 1.29% to close at $62.56 per barrel. The contract fell 0.2% in the previous session.
US West Texas Intermediate Futures expiring in January lost 1.59% to settle at $58.06, after closing down 0.5% on Thursday.
Meanwhile, Europe’s Stoxx Oil and Gas index fell more than 2.4%. from Great Britain Shell and PA Both were trading around 1.4% lower. Norway’s Equinor fell 2.3%, while Germany’s Siemens Energy fell almost 8%.
American oil giants Exxon Mobile and Chevron they were trading 1.1% and 0.6% lower, respectively, on Friday.
The bearish market sentiment comes as investors pore over the details of the Trump administration’s effort to secure a peace deal between Russia and Ukraine.
The United States, under a widely leaked plan, has reportedly proposed that Ukraine give up land, including Crimea, Luhansk and Donetsk, and pledge never to join the NATO military alliance.
The plan also says kyiv will receive “reliable” security guarantees, while the size of the Ukrainian Armed Forces will be limited to 600,000 troops, according to The Associated Press, which obtained a copy of the draft proposal. CNBC has not been able to independently verify the report.
Analysts doubted that Ukraine would support the peace plan, which is believed to be favorable to Russia.
Guntram Wolff, senior researcher at Bruegel, a Brussels-based think tank, was among those skeptical about whether the proposed peace plan could lead to an agreement.
“I think it’s always good to talk to each other, so in that sense it’s a good development, but I have to say that when I saw the details of this so-called peace plan, I really don’t think it can work,” Wolff said on CNBC’s “Europe Early Edition” program on Friday.
“Because, in essence, what it says is that Ukraine should give up a significant part of its military personnel, which means that military personnel would be reduced by something like a third, from 900,000 to 600,000,” he added.
A general view of a PJSC Lukoil Oil Company storage tank at an oil terminal located at Chaussee de Vilvorde on October 30, 2025 in Brussels, Belgium.
Thierry Monasse | Getty Images News | fake images
Saxo Bank strategists said in a research note that oil prices had been under pressure on Friday as the United States steps up its pressure for Ukraine to “agree to the terms of a draft plan to end its war with Russia, even as sanctions are expected to hit Russian crude from top producers Rosneft and Lukoil.”
In addition to the noise of the peace plan, energy market participants were closely monitoring the potential impact of US sanctions against Russian oil producers Rosneft and Lukoil, with measures taking effect from Friday, a stronger US dollar and expectations about the Federal Reserve’s upcoming interest rate decision.
