This aerial picture shows the oil tanker Boracay anchored off the Atlantic Coast off Saint-Nazaire, western France on October 1st, 2025. French authorities said Wednesday they were investigating the oil tanker Boracay anchored off the Atlantic Coast and suspected of being part of Russia’s clandestine “shadow fleet”.<\/p>\n
Damien Meyer | Afp | Getty Images<\/p>\n
Oil prices extended declines and energy stocks fell sharply on Friday morning as U.S. President Donald Trump<\/a> pushed for a peace deal<\/a> to end the long-running Russia-Ukraine war. <\/p>\n International benchmark Brent<\/a> crude futures with January expiry slipped 1.6% to $62.38 per barrel at 11:47 a.m. London time (6:47 a.m. ET), after dipping 0.2% in the previous session. The contract is down more 16% so far this year. <\/p>\n U.S. West Texas Intermediate<\/a> futures with January expiry were last seen 2% lower at $57.85, after closing Thursday off 0.5%. <\/p>\n Europe’s Stoxx Oil and Gas index<\/a>, meanwhile, led losses during morning deals, down more than 2.4%. Britain’s Shell<\/a> and BP<\/a> were both trading around 1.6% lower. Norway’s Equinor fell 2.7%, while Germany’s Siemens Energy<\/a> plunged 8%. <\/p>\n U.S. oil giants Exxon Mobil<\/a> and Chevron<\/a> were seen marginally lower during premarket trade.<\/p>\n The bearish market sentiment comes as investors pore over the details of the Trump administration’s push to secure a peace deal between Russia and Ukraine. <\/p>\n The U.S., under a widely leaked plan, has reportedly proposed that Ukraine cede land including Crimea, Luhansk and Donetsk, and pledge never to join the NATO military alliance. <\/p>\n The plan also says Kyiv will receive “reliable” security guarantees, while the size of the Ukrainian Armed Forces will be limited to 600,000 personnel, according to The Associated Press<\/a>, which obtained a copy of the draft proposal. CNBC has not been able to independently verify the report.<\/p>\n