Market Reacts to Anticipated Trump-Putin Discussions

Crude oil prices experienced a notable increase of over 1% this Monday, recovering from last week's sharp declines. This shift comes as the global market turns its attention to the upcoming meeting between U.S. President Donald Trump and Russian President Vladimir Putin, scheduled for August 15. The agenda is expected to include discussions on potential resolutions to the ongoing conflict in Ukraine.

Trade Tensions Add to Market Volatility

In a related development, President Trump announced an additional 25% tariff on imports from India, citing the country's continued purchases of Russian oil. This move raises the total duties on Indian goods to 50%, further complicating international trade relations.

Oil Prices on the Rise

As of 8:15 am ET, West Texas Intermediate (WTI) for September deliveries saw a 1.34% increase, reaching $64.29 per barrel. Similarly, Brent crude for October settlements advanced by 1.12%, climbing to $66.98 per barrel.