Prices edge higher
Oil prices rose on Monday after U.S. President Donald Trump met Ukrainian President Volodymyr Zelenskyy in Washington, following an inconclusive U.S.-Russia summit in Alaska. Brent crude futures closed 1.14% higher at $66.60 a barrel, while U.S. West Texas Intermediate gained 0.99% to $63.42. Last week, both benchmarks had slipped, with Brent down 1.1% and WTI off 1.7%.
Diplomacy and tensions
Trump expressed hope the White House talks could pave the way for a trilateral summit with Russian President Vladimir Putin. Yet his remarks urging Kyiv to abandon ambitions to reclaim Crimea or join NATO signaled a shift toward Moscow’s position. Analysts said markets are now watching whether a date for such a trilateral meeting will be announced, as peace efforts remain uncertain.
Energy and geopolitical risks
Ukraine escalated strikes on Russian energy infrastructure, including drone attacks in the Tambov region, disrupting supply flows and lending support to oil prices. At the same time, U.S. officials sharpened criticism of India’s purchases of Russian crude, with White House trade adviser Peter Navarro warning that such imports help fund Moscow’s war. Market watchers cautioned that these frictions highlight ongoing risks to global supply.
Broader market outlook
Investors are awaiting comments from Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium for signals on U.S. interest rate policy. Elsewhere in the Middle East, Hamas agreed to a 60-day ceasefire plan with Israel, including hostage exchanges and prisoner releases, according to Egyptian officials. Analysts say geopolitical developments continue to shape energy markets alongside monetary policy expectations.
