On Monday, the oil market found itself in calm waters. After a slight dip in early trading, prices steadied—backed by a more dovish tone from Washington concerning Russian energy. The previous weekend’s summit between President Trump and President Putin left markets hoping federal pressure on Russian oil buyers might remain muted for now.
Brent crude hovered around $65.80 a barrel, and U.S. crude edged nearer to $62.80. The market’s collective sigh of relief stemmed from Washington signaling there would be no sudden escalation in sanctions. For now, at least, the feared choke point in supply chains has been avoided.
Still, analysts are keeping one eye on geopolitics—underscoring that the peace process and any renewed tensions could swing prices quickly. The greatest catalyst ahead lies in today’s high-stakes meeting between Trump, Ukrainian President Zelenskiy, and European leaders—a gathering that could reshape both political and commodity landscapes.
Adding another dimension, energy traders are closely watching Fed Chair Powell’s upcoming address at Jackson Hole. Its tone could influence market psychology across the board—including oil. For now, traders are cautious, but the calm suggests confidence in a steady hand on the tiller.
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