Good afternoon, this is Markets Desk with your midday briefing.
President Trump has declared a Russia-Ukraine energy ceasefire, calling on Kyiv to halt strikes on Russian refineries, citing rising diesel costs. Zelensky says he'll comply only if Moscow stops targeting Ukraine's power grid. Moscow has yet to confirm any agreement, leaving the arrangement effectively unilateral for now.
That energy uncertainty is already rippling through the oil complex. Senior executives from BP and other majors have pulled out of the World Petroleum Congress in Riyadh after a Houthi missile strike on the airport killed twelve people. The walkout signals just how volatile the Gulf operating environment has become, and it adds a geopolitical risk premium to an already unsettled crude market.
Shifting to crypto, a structural flaw is drawing scrutiny in Bitcoin hedge fund strategies. Funds running matched long-short positions across exchanges like CME and Hyperliquid are discovering that profits on one platform cannot cover margin calls on another. The collateral is siloed, and when prices move fast, that fragmentation can trigger forced liquidations even on technically profitable books.
That's the tape. Markets Desk, signing off the floor.
