Oil markets seen bearish after Trump-Putin Alaska meeting
Trump said he had agreed with Putin that negotiators should go straight to a peace settlement - not via a ceasefire, as Ukraine and European allies, until now with U.S. support, have been demanding.
Trump said he would hold off imposing tariffs on countries such as China for buying Russian oil following his talks with Putin. He has previously threatened sanctions on Moscow and secondary sanctions on countries such as China and India that buy Russian oil if no moves are made to end the Ukraine war.
"This will mean Russian oil will continue to flow undisturbed and this should be bearish for oil prices," said ICIS analyst Ajay Parmar. "It is worth noting that we think the impact of this will be minimal though and prices will likely see only a small dip in the very near term as a result of this news."
The oil market will wait for developments from a meeting in Washington on Monday between Trump and Ukrainian President Volodymyr Zelenskiy. European leaders have also been invited to the meeting, a source familiar with the matter told Reuters.
"Market participants will track comments from European leaders but for now Russian supply disruption risks will remain contained," said Giovanni Staunovo, analyst at UBS.
Brent settled at $65.85 a barrel on Friday, and U.S. West Texas Intermediate at $62.80 - both down nearly $1 before the talks in Alaska.
Traders are waiting for a deal, so until that emerges, crude prices are likely to be stuck in a narrow range, said Phil Flynn, a senior analyst with Price Futures Group.
"What we do know is that the threat of immediate sanctions on Russia, or secondary sanctions on other countries is put on hold for now, which would be bearish," he said.
After the imposition of Western sanctions, including a seaborne oil embargo and price caps on Russian oil, Russia has redirected flows to China and India.
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The Guardian
7 minutes ago
- The Guardian
Ukraine war briefing: Zelenskyy says Russia refusing ceasefire 'complicates the situation' for ending war
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The Guardian
33 minutes ago
- The Guardian
Donald Trump reportedly delivered letter from first lady to Vladimir Putin
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'Every child shares the same quiet dreams in their heart, whether born randomly into a nation's rustic countryside or a magnificent city-center. They dream of love, possibility, and safety from danger. 'A simple yet profound concept, Mr. Putin, as I am sure you agree, is that each generation's descendants begin their lives with a purity—an innocence which stands above geography, government, and ideology,' the first lady writes. 'Yet in today's world, some children are forced to carry a quiet laughter, untouched by the darkness around them—a silent defiance against the forces that can potentially claim their future.' Rather than appeal to Putin to return the children his government has seized to their home country, the letter vaguely implores the Russian president to 'restore their melodic laughter'. 'Such a bold idea transcends all human division, and you, Mr. Putin, are fit to implement this vision with a stroke of the pen today,' Melania Trump's letter concludes. 'It is time.' 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US lawmakers have demanded the return of Ukraine's children from Russia before any peace deal is agreed to and in July introduced a congressional resolution calling for their return. Led by Texas Republican congressman Michael McCaul and New York Democrat Gregory Meeks, the resolution condemns Russia's abduction, forcible transfer and facilitation of the illegal deportation of Ukrainian children. A US Senate version was introduced by Iowa Republican Chuck Grassley and Amy Klobuchar, the Minnesota Democrat. Meeks said 'the Russian military has cruelly abducted and illegally deported tens of thousands of Ukrainian children from their homeland'. 'These atrocities are not isolated incidents,' Meeks said. 'They are the direct result of Putin's war of choice.'
The Guardian
37 minutes ago
- The Guardian
Trump news at a glance: Trump supports Putin plan for Ukraine peace, report says; West Virginia to send national guard to DC
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