Just hours after a crucial phone conversation between Russia President Vladimir Putin and U.S. President Donald Trump on Ukraine attack ended without any progress on ending the war,

Russia unleashed its largest drone and missile attack on Ukraine overnight on Friday, July 4.

As air defence systems battled through the night to fend off the onslaught, explosions reverberated throughout Kyiv.

Furthermore as Ukrainian soldiers fought incoming threats,

AFP journalists in the city reported hearing the thunder of detonations and the continuous hum of drones.

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According to Ukrainian President Volodymyr Zelensky,

as soon as the Trump-Putin call was announced, air raid sirens started to sound throughout the nation.

“Yet again, Russia is showing it has no intention of ending the war and terror,” Zelensky said on social media.

“All of this is clear evidence that without truly large-scale pressure, Russia will not change its dumb, destructive behaviour,” he added, urging the United States to intensify pressure on Moscow.

Russia Intensifies Attacks On Ukraine With Air Strikes

According to Ukraine’s air force, the assault involved 539 drones of various types and 11 missiles.

Twenty-three people were wounded in the attack, which Ukrainian officials described as the most massive aerial assault since Russia’s full-scale invasion began.

“This was the largest attack of the war,” a Ukrainian air force spokesperson told local media.

Meanwhile, the military goals of the Kremlin were intensified.

The sixth meeting between Trump and Putin since Trump’s return to office in January ended without any diplomatic progress.

Although Trump has previously expressed optimism on potential peace agreements, his tone drastically changed during this most recent exchange.

International calls to cease the violence have been met with plain disrespect by Russia, according to Ukrainian Foreign Minister Andriy Sybiga.

He also claimed that Putin’s actions “clearly demonstrate his complete disregard for the United States and everyone who has called for an end to the war.”

Meanwhile Russia’s air campaign has become more intense in recent weeks.

The apparent breakdown of direct peace attempts coincided with a record number of drone and missile strikes against Ukraine in June, according to an AFP analysis.

US President, Donald Trump has communicated his displeasure, with not so nice words as barely 24hrs after announcing the cease fire deal between Iran and Israel, it was violated.

The president was particularly frustrated with the Nation Israel, who were the first to violate the Ceasefire deal

Speaking to reporters at the White House, Trump appeared visibly angry and used unusually blunt language to describe the situation.

“The two countries have been fighting so long and so hard that they don’t know what the fuck they’re doing, do you understand that?” he said, referring to Iran and Israel.

“I’m really unhappy with Israel,” he added, criticizing its actions following what was intended to be a de-escalation deal.

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Despite Trump’s declaration on Monday that a ceasefire between Iran and Israel had been reached, tensions quickly increased over night.

After Iranian forces allegedly fired two missiles into Israeli territory on Tuesday morning, Israel’s defense minister accused Iran of violating the agreement,

which further changed the course of events.

Ceasefire Deal Out Of The Window? What this Means for Israel and Iran

Israel then responded by vowing retaliation and threatening “intense” strikes against Tehrani regime targets.

Furthermore the ceasefire’s implementation and timeline were unclear.

Despite Trump’s early Tuesday declaration that the truce had “taken effect,”

fighting went on as Israeli and Iranian forces exchanged strikes in the early hours of the day, killing five Israelis and nine Iranians.

Iran’s Foreign Minister Abbas Araghchi suggested on social media that his country would halt its military response only if Israel ceased its “illegal aggression.”

He also added that Iran’s final decision on ending military operations would be determined later,

casting further doubt on the durability of the truce.

The White House, which had hoped the ceasefire would reduce tensions between the two longtime enemies, faces a serious challenge

as the flare-up represents yet another setback for diplomatic efforts in the Middle East.

The ceasefire deal was in jeopardy as the brief lull was replaced by new violence.

On Tuesday, June 24, after Israel announced that it had accepted a bilateral ceasefire proposal proposed by U.S. President Donald Trump, potentially ending nearly two weeks of intensifying conflict with Iran, global oil prices fell more than 5%.

As investor concerns about a protracted disruption in the energy market started to subside, crude oil saw a precipitous drop. The war had sparked worries about disruptions to the oil supply, especially through the vital Strait of Hormuz, which serves as a chokepoint for the world’s energy transportation.

The U.S. benchmark West Texas Intermediate (WTI) fell 5.4% to $65.01 per barrel by 06:50 GMT, while Brent crude had dropped 5.2% to $67.75 per barrel.

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“The potential end to the conflict has been welcomed by market participants,” said Lee Hardman, currency analyst at MUFG. “Brent has now almost fully reversed all of the gains since the conflict began.”

Global Oil Price Crashes As Iran-Israel Cease Fire Deal Begins!

The U.S. dollar declined following recent strength driven by geopolitical risk, reflecting the easing tension in currency markets as well. Hardman continued, “We’re likely to see the dollar’s weakening trend resume if Middle East tensions now fade as a driver.”

Fears that Iran might block or disrupt traffic in the Strait of Hormuz in retaliation for a U.S. strike on its nuclear facilities caused oil prices to briefly rise on Monday morning. However, when Iran’s response—a missile strike on a U.S. base in Qatar—left oil infrastructure unaffected, prices fell as much as 7% later in the day.

“Tehran played it cool,” said Stephen Innes, managing partner at SPI Asset Management. “Their retaliation was loud enough for headlines, but quiet enough not to shake the foundations of the oil market. Once that became clear, the war premium came crashing out of crude.”

Market Snapshot as at 07:00 GMT

Brent Crude: $67.75 per barrel (↓ 5.2%)
WTI Crude: $65.01 per barrel (↓ 5.4%)
Euro/Dollar: $1.1609 (↑)
Pound/Dollar: $1.3586 (↑)
Dollar/Yen: 145.05 yen (↓)
Tokyo – Nikkei 225: 38,790.56 (↑ 1.1%)
Hong Kong – Hang Seng: 24,181.94 (↑ 2.1%)
Shanghai – Composite: 3,420.57 (↑ 1.2%)
London – FTSE 100: 8,816.78 (↑ 0.7%)
New York – Dow Jones: 42,581.78 (↑ 0.9%)

Meanwhile this global oil price crash is yet to reflect in Nigeria

Hopefully it would soon enough!