Crude Oil Prices Experience Significant Drop

On Tuesday, the crude oil market witnessed a notable decline, with prices slipping almost 2%. This movement came in the wake of reports suggesting Russia might be considering a limited air truce with Ukraine.

Potential Implications of the Truce

The speculated cessation of drone and missile strikes is seen as a potential gesture towards US President Donald Trump. The aim would be to alleviate pressure from impending US sanctions, expected after the August 8 deadline set by Trump, as per a Bloomberg report.

Market Reactions

West Texas Intermediate (WTI) for September deliveries saw a 1.9% drop, trading at $65.10 per barrel at 12:43 pm ET. Similarly, Brent for October settlements decreased by 1.76%, reaching $67.61 per barrel shortly after.