Oil prices fluctuate as Trump shifts stance on Ukraine war
Oil prices on the New York fuel exchange are uncertain after two sessions of increases. The market has started to see indications that President Donald Trump is pulling back from his attempts to end the war in Ukraine. Meanwhile, Iran is not likely to easily give up its nuclear ambitions, according to brokers.
A barrel of West Texas Intermediate crude for June delivery costs $62.72 on NYMEX in New York, marking a 0.05% increase. Brent on ICE for July is priced at $65.36 per barrel, a decrease of 0.27%.
The market has begun to notice signals that U.S. President Donald Trump is stepping back from his efforts aimed at ending the conflict between Russia and Ukraine.
The U.S. President mentioned on Monday that his conversation with Russian President Vladimir Putin went very well, and, according to him, Russia and Ukraine will begin negotiations for a ceasefire immediately. He noted, however, that the terms would be negotiated between the two sides.
Russia and Ukraine will immediately start negotiations toward a Ceasefire and, more importantly, an END to the War, Trump wrote on Truth Social.
"The conditions for that will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of," he added.
Donald Trump indicated that he informed Ukrainian President Volodymyr Zelensky, European Commission President Ursula von der Leyen, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, German Chancellor Friedrich Merz, and Finnish President Alexander Stubb about the conversation.
"The Vatican, as represented by the Pope, has stated that it would be very interested in hosting the negotiations. Let the process begin!" Trump wrote.
Peace negotiations for a ceasefire between Ukraine and Russia might proceed without the involvement of the U.S.
"Talks with the U.S. will lead nowhere"
Meanwhile, there's no resolution in sight for the nuclear dispute between the U.S. and Iran, which could lead to stricter restrictions on Iranian oil exports.
Iran maintained its stance on Monday regarding the possibility of uranium enrichment.
Deputy Foreign Minister Majid Takht-Ravanchi stated that talks with the U.S. over Iran's nuclear program will "lead nowhere" unless Washington abandons this demand.
- Our position on enrichment is clear and we have repeatedly stated that it is a national achievement from which we will not back down, - Takht-Ravanchi declared.
However, Iranian Foreign Ministry spokesperson Esmail Bargei accused the U.S. authorities of "complicating negotiations" by publicly expressing opinions that differ from bilateral agreements.
Iran: the nuclear program has peaceful intentions
U.S. Special Envoy for the Middle East Steve Witkoff reiterated on Sunday that any new U.S.-Iran nuclear agreement must include a ban on uranium enrichment by Tehran.
The United States argues that with this capability, Iran will continue working on its own nuclear weapons. The authorities in Tehran assure that the Iranian nuclear program is exclusively of a peaceful nature.
Robert Rennie, an economist at Westpac Banking Corp., noted that under current circumstances, reaching a nuclear agreement between the U.S. and Iran could be a lengthy process with uncertain results. He also commented on the oil market, stating that Brent crude appears overpriced in the $66–67 per barrel range and should ideally decline to around $60–65.
Last week, during his visit to the Middle East, U.S. President Donald Trump said that a nuclear agreement with Iran is very close. He simultaneously stressed that Tehran must "act quickly" on this issue.
