The Russian stock market surged following US President Donald Trump’s announcement that Russia and Ukraine had agreed not to strike each other’s energy facilities, according to trading data.

The MOEX Index jumped by more than 50 points, reaching its highest level in nearly three months, The Caspian Post reports.

By 7:00 p.m. Baku time, the index had been trading at around 2,320 points before climbing to 2,373.47, representing a daily gain of 4.05%.

Earlier, Trump had urged Ukrainian President Volodymyr Zelenskyy to halt attacks on diesel-related facilities in Russia.

He said the increase in global diesel prices was primarily driven by the conflict in Ukraine rather than the situation involving Iran.