&imwidth=800&imheight=600&format=webp&quality=medium "Oil slips as markets weigh Trump’s push for Russia-Ukraine peace talks")
Oil prices edged lower on Tuesday in Asian trade as investors assessed the potential impact of fresh diplomatic efforts to end the war in Ukraine, a development that could reshape sanctions on Russian crude. According to Reuters, Brent crude futures fell 7 cents, or 0.11 per cent, to $66.53 a barrel by 0000 GMT. US West Texas Intermediate (WTI) crude for September delivery, due to expire on Wednesday, slipped 6 cents, or 0.09 per cent, to $63.36. The more active October WTI contract was down 9 cents, or 0.14 per cent, at $62.61 a barrel. The slight pullback followed a near 1 per cent rise in the previous session.
Trump pushes for trilateral summit
As quoted by Reuters, US President Donald Trump said he had spoken to his Russian counterpart Vladimir Putin after meeting Ukraine’s President Volodymyr Zelenskiy and European allies in the White House on Monday. Trump confirmed that plans were underway to organise a trilateral summit between himself, Putin, and Zelenskiy to discuss ending the war.
Zelenskiy described his direct talks with Trump as “very good”, adding that security guarantees for Ukraine were on the table, according to Reuters.
The push comes as Trump presses for a swift resolution to Europe’s deadliest conflict in eight decades. However, Kyiv and its allies remain concerned that Washington may push for terms that favour Moscow.
Oil market reaction
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Analysts said the market is bracing for two possible outcomes. Bart Melek, head of commodity strategy at TD Securities, told Reuters that any breakthrough which de-escalates tensions and reduces the threat of sanctions or tariffs could drag oil prices closer to the bank’s fourth-quarter 2025 and first-quarter 2026 average target of $58 per barrel.
On the other hand, if Washington decides to tighten pressure on Moscow through broader secondary tariffs against buyers of Russian oil, similar to those already imposed on India, crude could rally back toward the highs seen earlier this month, Melek added.
For now, traders remain cautious, with oil markets caught between hopes of diplomacy and the risk of renewed sanctions pressure.
(With inputs from the agencies)