Oil drops as economic headwinds overshadow supply cuts

European powers, including Britain, France and Germany, said on Wednesday they had to be part of any future negotiations on the fate of Ukraine, underscoring that only a fair accord with security guarantees would ensure lasting peace.

The amount of Russian and Iranian oil held on ships has hit multi-month highs as harsher U.S. sanctions reduced the number of buyers, leaving fewer tankers available to deliver cargoes and driving up crude costs, trade sources and analysts said.

Russia's President Vladimir Putin held a phone call with Syria's interim leader Ahmed al-Sharaa, the Kremlin said on Wednesday, the first direct communication between the two since Sharaa's forces overthrew Moscow's ally Bashar al-Assad in December.

A senior official in Ukraine’s anti-terrorist centre has been arrested on suspicion of spying for Russia, say security chiefs.