Brent crude rose 75 cents (1.14%) to settle at $66.60, while U.S. West Texas Intermediate (WTI) gained 62 cents (0.99%) to finish at $63.42. The move followed last week’s losses, with Brent down 1.1% and WTI off 1.7%.
President Donald Trump met Ukrainian President Volodymyr Zelenskiy in Washington, days after inconclusive talks with Russian President Vladimir Putin in Alaska. Trump suggested the possibility of a future trilateral summit with both leaders, saying he believed Putin wanted the war to end. However, he also told Ukraine to abandon hopes of reclaiming Crimea or joining NATO, signaling a negotiating stance more aligned with Moscow’s.
The Alaska talks ended without a breakthrough, but Ukraine continued attacks on Russian energy infrastructure, including drone strikes in the Tambov region that briefly suspended supply flows — a factor that lent support to crude.
Markets also reacted to comments from White House adviser Peter Navarro, who criticized India’s purchases of Russian crude as financing the war. Analysts said the remarks, paired with postponed U.S.–India trade talks, underscored the uncertainty surrounding global energy flows.
Beyond geopolitics, investors are awaiting signals from the Federal Reserve, with Chairman Jerome Powell due to speak at the Jackson Hole meeting later this week. Expectations for the Fed’s next move on interest rates remain a key driver of demand sentiment.
Elsewhere, Middle East dynamics shifted as Hamas accepted a 60-day ceasefire proposal with Israel, raising the prospect of reduced regional tension.