Authored by Dave DeCamp via AntiWar.com,
Russia said on Monday that it would observe a ceasefire with Ukraine on May 8 and May 9 to observe Victory Day, when Russia celebrates the Soviet Union's victory against Nazi Germany in World War II, but it’s unclear if the truce will hold, as Ukrainian President Volodymyr Zelensky responded by declaring a ceasefire that will start earlier.
"As of today, there has been no official appeal to Ukraine regarding the modality of a cessation of hostilities that is being claimed on Russian social media," Zelensky wrote on X.
via Associated Press"We believe that human life is far more valuable than any anniversary ‘celebration.’ In this regard, we are announcing a ceasefire regime starting at 00:00 on the night of May 5–6. In the time left until that moment, it is realistic to ensure that silence takes effect. We will act reciprocally starting from that moment," the Ukrainian leader added.
Russia's ceasefire declaration came with a warning that if Ukrainian attacks targeted Moscow during Victory Day celebrations, the Russian military would respond with major attacks on the Ukrainian capital, a response to Zelensky suggesting Ukraine could hit a Russian military parade that will take place in Moscow on May 9.
"Should the Kiev regime attempt to implement its criminal plans to disrupt the celebration of the 81st anniversary of Victory in the Great Patriotic War, the Russian Armed Forces will launch a retaliatory, massive missile strike on the center of Kiev," the Russian Defense Ministry said.
"Russia, despite its capabilities, has previously refrained from such actions for humanitarian reasons. We warn the civilian population of Kyiv and employees of foreign diplomatic missions of the need to leave the city promptly," the ministry added.
On Monday, a Ukrainian drone hit a high-rise apartment building in Moscow. According to Russia’s TASS news agency, 26 Ukrainian drones targeted the Russian capital from May 2 to May 4.
Heavy Russian attacks hit Ukraine on Monday, killing at least six people in Kharkiv and two in the Kherson region, according to Ukrainian officials.
Ukraine has also stepped up its attacks on Russian oil infrastructure, hitting infrastructure on the Black Sea, causing massive fires and raining oil down from the sky.
Tyler Durden Tue, 05/05/2026 - 14:25What is well established about President Trump's newly announced Project Freedom is that the U.S. military is helping "guide" commercial vessels out of the Strait of Hormuz.
The battle over the Hormuz chokepoint comes as the oil market appears to be one month away from a potential "tipping point." Without a resolution, traders warn that global crude and refined-product stockpiles could be drawn down to dangerous levels, creating dire conditions for another violent leg higher in fuel prices that could spark economic chaos.
Last week, ConocoPhillips was the first to warn about imminent "critical shortages" of oil for some nations as the Iran war that has crippled global energy flows enters its third month.
"The biggest challenge we're about to face is that the markets sort of had a bit of a grace period initially when the tankers that left the Persian Gulf in late February were still on the water; now all of those have reached their destination," ConocoPhillips CFO Andy O'Brien told analysts last Thursday, touching on a critical subject we outlined to readers at the start of April.
Source"We are going to start to see some import-dependent countries potentially start to face critical shortages as we get into the June-July time frame," at which point the dreaded "demand destruction" kicks in, O'Brien warned.
ConocoPhillips' ominous warning was followed very shortly by President Trump's Project Freedom plan to provide military escorts for ships through Hormuz. On Monday, two US Navy destroyers transited the waterway and entered the Persian Gulf after navigating an Iranian barrage of missiles, drones, and gunboats. This allowed two US-flagged ships to safely transit through the maritime chokepoint to safer waters.
Trump's Project Freedom appears to be a response to the dire warnings from oil giants and Wall Street analysts, who see demand destruction quickly approaching if the Hormuz chokepoint remains severely disrupted.
"We do not have months," Frederic Lasserre, head of research at Gunvor, one of the world's largest oil traders, told Financial Times.
Lasserre warned that "huge pain" is coming for some countries as fuel shortages appear imminent, adding, "It goes beyond gasoline at the pumps to industry shutting down, and you enter recession."
He gave a timeline of when the energy crisis could worsen: "The tipping point is clearly June. This is the point at which something has to give."
Energy Aspects founder Amrita Sen issued a similar warning: if the US-Iran conflict continues through June, global buffers could be exhausted, with Brent crude futures soaring as high as $200 per barrel.
"The repricing is from today onwards. We expect significant upside to both crude and products," Sen noted, suggesting prices could climb towards the $150 to $200 a barrel range.
Helima Croft, head of global commodity strategy at RBC Capital Markets, warned, "We may be on the cusp of a sentiment shift as people are starting to realize that the US messaging may not represent reality." She noted that a continued Hormuz disruption this month could push Brent towards $140.
"From the start, the White House has been very successful in messaging that this would be a short war, and now it looks like something that could be sustained through the summer," Croft said.
So far, price increases have been contained by existing inventories, floating inventories, SPR releases, cuts in Asian demand, and refineries shifting output toward diesel and jet fuel.
Goldman analysts have warned of a petrochemical shock, and signs are already emerging of some Asian factories shuttering production lines amid the fuel price shock.
FT quoted an anonymous executive at a large commodity trading house as saying, "We had these buffers for the first two months. Refineries were able to switch the products that they were making because of the time of year. They really maxed out their jet fuel and diesel production."
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//--> //--> //--> Strait of Hormuz traffic returns to normal by end of May?It becomes entirely clear that Trump's Project Freedom to reopen the Hormuz chokepoint was likely a nudge from the oil industry, which has set a one-month timeline from a crunch point that could send the global economy into a tailspin.
Tyler Durden Tue, 05/05/2026 - 14:05