Oil Gains on Market Concerns Over Russia-Ukraine Progress

Maersk has reported a rise in demand from India, indicating that its shipping service connecting India and North America is maintaining consistent weekly departures. This development comes amid growing expectations for a potential trade deal between the U.S. and India.

The European Commission is advancing a plan to utilize frozen Russian assets to support Ukraine amid ongoing conflict, as President Ursula von der Leyen addresses the media following a commission meeting. This initiative aims to provide financial assistance to Ukraine's efforts against Russia, despite the Kremlin's assertion that President Putin did not reject a U.S. peace plan but found certain aspects unacceptable.

The European Union has launched a $3.5 billion package aimed at enhancing the supply of raw materials within the bloc. This initiative includes the establishment of a center to monitor mineral supplies and promote joint investments among member states.

A Russian court has sentenced US citizen Robert Gilman to an additional two years in prison, following his initial incarceration in 2022 for a drunken assault on a police officer. This development was reported by state media on Wednesday.

Francis Fukuyama, a prominent political scientist and author of 'The End of History and The Last Man', expressed his disappointment regarding the election of Donald Trump as U.S. President, labeling it as the most surprising and disappointing event in decades. Fukuyama criticized Trump for exhibiting authoritarian tendencies and for attempting to negotiate a controversial deal with Russia concerning Ukraine.

The European Commission has announced a proposal to fund Ukraine through a loan backed by frozen Russian assets, a move that has sparked significant debate within the EU. This initiative aims to address Ukraine's budget shortfall amid ongoing conflict, with an alternative option for an EU loan based on common borrowing introduced to appease concerns from Belgium, which holds a substantial portion of these assets.

Russian President Vladimir Putin met with U.S. Special Envoy Steve Witkoff in Moscow to discuss the ongoing conflict in Ukraine, characterizing the talks as 'constructive' while acknowledging that significant work remains to achieve peace. During the meeting, Putin accused Kyiv’s European allies of undermining U.S.-led efforts to resolve the war.

Pope Leo has emphasized the critical role of European nations, particularly Italy, in mediating peace talks aimed at resolving the ongoing conflict in Ukraine, amidst stalled negotiations between Russia and the US. The pontiff's remarks come as tensions escalate, with Russian President Vladimir Putin accusing Europe of obstructing peace efforts.