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Oil Prices Fluctuate as Geopolitical Tensions and Energy Talks Shape Markets

Partial energy ceasefire in Ukraine, Middle East conflicts, and upcoming U.S.-Russia negotiations are influencing global oil dynamics.

The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020. REUTERS/Adrees Latif/File Photo
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A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol/File Photo

Overview

  • Russian President Vladimir Putin agreed to halt strikes on Ukrainian energy facilities, but a full ceasefire remains unachieved.
  • Oil prices are experiencing volatility, with Brent crude futures recently rising to $71.18 per barrel due to declining U.S. fuel inventories and Middle East tensions.
  • U.S. crude inventories increased by 1.7 million barrels last week, while distillate inventories fell by 2.8 million barrels, exceeding expectations.
  • Middle East hostilities, including Israeli airstrikes in Gaza and U.S. operations against Houthis in Yemen, are elevating global risk premiums.
  • U.S.-Russia talks aimed at addressing the Ukraine conflict are scheduled for March 23 in Saudi Arabia, with potential implications for sanctions and oil supply.