Oil Prices Stable, Market Awaits Outcome of Trump-Zelenskyy Meeting
Global crude oil prices remained stable on Monday (August 18, 2025), amid market hopes of a peace agreement between Russia and Ukraine. Market participants awaited the outcome of a crucial meeting between US President Donald Trump and Ukrainian President Volodymyr Zelenskyy in Washington, which could potentially impact the global energy supply outlook. Brent crude oil was at $66.02 per barrel, while WTI crude oil edged up 0.14% to $62.23 per barrel.
Trump previously met with Russian President Vladimir Putin in Alaska and appeared to agree with Moscow's approach of prioritizing a peace agreement over a ceasefire. According to Ole Hansen, head of commodity strategy at Saxo Bank, the market is currently awaiting signals on whether peace can be achieved and how it will impact global oil and gas supplies, particularly in Europe. He also noted that speculators now hold the first combined net short position in WTI, which could leave prices vulnerable to sudden spikes.
Sharpful comments from White House trade adviser Peter Navarro regarding India's purchases of Russian oil also impacted prices. He accused India of acting as a "global clearinghouse" for Russian oil, helping Moscow obtain dollars to fund its war. This, coupled with the delay in trade talks, has raised new concerns that global energy flows are still disrupted by geopolitical and diplomatic tensions.
Meanwhile, Trump eased tensions by saying retaliatory tariffs against countries like China are not immediately necessary, although they could occur in the coming weeks. China and India are major buyers of Russian oil. Investors will also be closely watching Fed Chairman Jerome Powell's speech at the Jackson Hole symposium later this week, which could provide clues about the direction of US interest rate policy and its impact on energy prices and other risk assets. (ayu)
Source: Newsmaker.id
