Oil prices dipped after Ukrainian President Zelenskiy agreed to a partial truce, raising hopes for freer Russian crude flows. WTI fell 0.9% before recovering to settle at $69 a barrel, down 0.2%.
The drop followed Ukraine’s ceasefire move and a U.S. announcement of a Russian agreement to protect Black Sea navigation and energy sites.A potential Russia-Ukraine truce could ease Western oil restrictions, but traders remain skeptical about its immediate impact.
Last month, Russian oil exports hit a five-month high, remaining a key war revenue source.Analyst Fernando Ferreira noted that while easing sanctions may boost Kremlin finances, the impact on global supply remains limited.Oil’s decline was tempered by news of Trump’s plan to impose 25% tariffs on Venezuelan oil buyers, complicating business for refiners in China, India, and Europe.
Increased pressure on Iranian and Venezuelan exports drove Brent oil options to their highest trading volumes since January.Trump’s trade policies have added market volatility, with U.S. oil futures down over 10% from mid-January highs, though recent stability in global equities has eased some pressure.
