Global crude prices declined on Monday (August 19), as investors weighed the possibility that negotiations between Russia, Ukraine, and the United States could pave the way for a partial lifting of sanctions on Russian oil, potentially boosting global supply.
At the close, Brent crude fell 81 cents (1.22%) to $65.79 a barrel, while WTI dropped $1.07 (1.69%) to $62.35 a barrel. The pullback came after both benchmarks gained about 1% in the previous session.
On August 18, at the White House, U.S. President Donald Trump hosted Ukrainian President Volodymyr Zelenskiy and European allies. Trump also revealed that he had spoken with Russian President Vladimir Putin, with plans underway for a potential meeting between Putin and Zelenskiy — a move that could lead to a three-way summit.
Oil markets quickly reacted to these developments, as traders assessed the possibility of progress in peace talks, despite no immediate signs of a ceasefire or comprehensive agreement.
Trump signaled a more flexible approach toward secondary sanctions on countries importing Russian oil. This reduced concerns about disruptions in global supply and helped ease geopolitical tensions in the short term.
Meanwhile, Zelenskiy described his discussions with Washington as “very good,” highlighting U.S. security assurances for Ukraine. However, the scale and specifics of such commitments remain uncertain.
Although Trump has pushed for a swift resolution to what is considered Europe’s bloodiest conflict in 80 years, Kyiv and its allies worry that Washington might press for a settlement tilted in Moscow’s favor.
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