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Crude oil prices experienced a sharp intraday reversal on Monday as initial market optimism surrounding a potential energy sector ceasefire between Russia and Ukraine rapidly faded. Investors grew skeptical regarding the credibility and enforcement of any proposed de-escalation agreements. Compounding these supply concerns, renewed Houthi attacks targeting infrastructure in Saudi Arabia reminded energy markets of persistent Middle Eastern geopolitical vulnerabilities, pushing Brent crude back up from its Asian session lows.
