Europe midday: Shares, oil up amid Trump claims of Ukraine war 'ceasefire'

12th Oct 2026 11:40

(Sharecast News) - European shares were higher on Monday despite confusion around a "ceasefire" between Russia and Ukraine declared by US President Donald Trump.

The pan-regional Stoxx 600 index was up 0.53% with all major bourses higher. Trump's unexpected announcement on the weekend was part of his "deal" to buy Russian diesel - in direct contravention of US sanctions on Moscow - and questioned by analysts who estimate that the country cannot even produce enough for domestic needs.

In a social media post, Trump claimed Moscow and Kyiv had reached an agreement. "Effective immediately, there is an ENERGY CEASEFIRE in the War between Russia and Ukraine. Both parties have agreed. Do not break it!" he wrote.

Zelenskyy said the deal to stop long-range attacks was "news to me".

"If President Trump negotiated it with Putin - please tell us when the ceasefire begins. We are ready and we will accept it," the Ukrainian president told the Axios website.

Meanwhile, Russia continued its attacks on Ukrainian energy infrastructure and civilian targets.

Oil traders were sceptical after a slight fall overnight the price of Brent crude was up 0.87% to $105.63 a barrel and West Texas Intermediate gained 0.91% to $92.69.

In equity news, Vallourec rose 4% after the French steel tube maker won a contract from TotalEnergies for the Absheron gas field in Azerbaijan.

Reporting by Frank Prenesti for Sharecast.com