BRENT, WTI CRUDE FUTURES FALL, BRENT DROPS $1 TO SESSION LOW OF $103.68/BBL

UK PM OFFICE: STARMER AND ZELENSKIY REITERATED NEED TO KEEP UP THIS PRESSURE ON RUSSIA AND WELCOMED STRENGTH OF UK-UKRAINE RELATIONSHIP

The European Union is preparing to propose temporarily lifting sanctions on a Chinese semiconductor supplier after automakers warned the restrictions could trigger major supply chain disruptions, according to people familiar with the matter. The European Commission could present the derogation proposal as early as this week, though approval from all 27 member states would be required. European carmakers reportedly told EU officials they lacked sufficient time to diversify supply chains and that inventories could be exhausted within weeks if the ban remains in place.