Oil prices held relatively steady in Asian trade on Monday following last week’s declines, as concerns over Russian crude supplies eased after U.S. President Donald Trump met with Russian President Vladimir Putin.
At 12:15 a.m. ET (04:15 GMT), Brent crude for October delivery was largely flat at $65.84 per barrel, while West Texas Intermediate (WTI) futures inched up 0.1% to $62.87 per barrel. Both benchmarks had dropped nearly 1.5% on Friday, marking sharp weekly losses ahead of the U.S.-Russia summit.
Trump Signals Softer Approach Toward Russia
During the Alaska summit, Trump indicated alignment with Moscow on pursuing a full peace deal in Ukraine rather than pushing for an immediate ceasefire. This shift dampened expectations of new energy sanctions and alleviated fears of tighter Russian oil supply.
Earlier, Trump had declared a ceasefire would be his “key demand,” even threatening to leave the talks and impose tougher measures on Moscow—a stance that had fueled concerns over potential supply constraints.
“While talks failed to secure a ceasefire, the tone and the absence of ’severe consequences’ for the lack of a truce, reduce, or at least delay, the risks of stricter sanctions,” ING analysts noted.
Trump also said on Friday that he is in no rush to impose tariffs on countries such as China for importing Russian oil, but warned he could act within weeks if progress on ending the Ukraine war stalls. China and India remain the largest buyers of Russian crude. Meanwhile, Trump has imposed an extra 25% duty on Indian goods, effective August 27, citing its purchase of Russian oil.
Trump to Meet Zelenskiy and European Leaders
Trump is set to meet Ukrainian President Volodymyr Zelenskiy and top European leaders in Washington on Monday to discuss a rapid path toward ending the Ukraine conflict. European leaders are working to prevent any agreements that would compromise Ukraine’s territorial integrity, a factor that has kept markets alert to geopolitical developments.
Trump posted on social media Sunday that he anticipates “BIG PROGRESS ON RUSSIA,” though he provided no further details.
“Ultimately, Russia still wants Ukraine to cede territory, something Ukraine will be very hesitant to do, particularly without very strong security guarantees from the US and Europe,” ING analysts commented.
“Ultimately, the reduced risk of tougher sanctions and secondary tariffs should allow bearish oil fundamentals to become the dominant driver for oil prices moving forward,” they added.
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.