16 December 2025: 16:30 GMT
A bloodbath! Brent at its lowest since February 2021, no Christmas truce on the cards, and contango is creeping… Putin said he’ll only agree to a pause in the fighting for Christmas if they reach a deal – and of course he’s being cagey, wanting to avoid a ceasefire that allows Ukraine to better prepare for war again. Meanwhile, European leaders seem to be changing their tune towards more pro-peace rhetoric. Even Merz said he feels closer to a ceasefire than at any time in the previous 4 years.
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