Overview

• Brent traded near $67.63 a barrel and WTI near $63.51, putting both benchmarks on course to snap a two‑week losing streak with weekly gains of about 2.7% and 1.1% respectively.
• Russia and Ukraine blamed each other for halting negotiations after a U.S.–Russia meeting made little headway, while a Russian airstrike near the EU border and a Ukrainian hit on a Russian refinery underscored ongoing hostilities.
• U.S. crude inventories fell by 6 million barrels in the week to Aug. 15, according to the EIA, a larger‑than‑expected draw that signaled firm demand and tighter domestic stocks.
• Traders priced in greater geopolitical risk as expectations for President Trump to quickly broker a deal receded, and analysts highlighted the prospect of tougher curbs on Russian oil flows.
• UBS expects Brent to hold in the high $60s in the near term during peak summer demand, with easing later this year as OPEC+ output rises and consumption cools, while markets watch Jackson Hole for rate signals.