Oil prices increased slightly, with Brent crude futures at $66.95 and U.S. West Texas Intermediate crude at $64.31. Both global benchmarks are set to finish the week down significantly, amid concerns over economic activity from higher U.S. tariffs. The announcement of a potential meeting between President Trump and President Putin may influence market sentiment, as it raises hope for easing tensions and sanctions regarding Russia. However, analysts caution that territorial demands from Russia may complicate any negotiations for a ceasefire in Ukraine.
Higher U.S. tariffs against a host of trade partners went into effect on Thursday, raising concern over economic activity and demand for crude oil.
Trump threatened to increase tariffs on India if it kept buying Russian oil, putting further pressure on Russia to reach a deal with the U.S.
The potential meeting between Trump and Putin raises expectations of a diplomatic end to the war in Ukraine, which could lead to eased sanctions on Russia.
Some analysts remain cautious, as the Russian leader is expected to insist on having his territorial demands granted, which could complicate negotiations.
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