Overview
- Brent hovered near $62 and WTI around $58 early Monday after roughly 3% weekly losses and the weakest settlements since Oct. 21.
- U.S. and Ukrainian officials reported progress on a peace framework that could require Kyiv to cede territory and temper NATO ambitions, stoking supply concerns.
- Secretary of State Marco Rubio said President Trump’s Nov. 27 target for Ukraine’s support could slip into next week.
- New U.S. sanctions on Rosneft and Lukoil that took effect Friday have left about 48 million barrels of Russian crude stranded at sea, tightening near-term logistics.
- A stronger dollar and uncertainty over Federal Reserve rate cuts pressured prices, even as NY Fed President John Williams hinted at a cut "in the near term," against a backdrop of rising OPEC+ output and an IEA-forecast 2026 surplus.