Oil Prices Climb as Investors Eye Trump-Putin Summit

The price of oil experienced a notable increase on Thursday, with investors closely monitoring the potential outcomes of the upcoming summit between the United States and Russia in Alaska. The focus is particularly on how the discussions might affect Russia's crude oil exports.

Discussions on Economic Cooperation and Trade Ties

Russian officials have indicated that the meeting between the two leaders will center around enhancing economic cooperation and strengthening trade relations. However, the agenda regarding Russia's oil exports remains uncertain, adding to the market's volatility.

Trump's Warning to Moscow

Prior to the summit, U.S. President Donald Trump issued a stark warning to Moscow, threatening "severe consequences" if the talks do not lead to a ceasefire in Ukraine. This statement, coupled with previous punitive measures against countries importing Russian oil, has left the market on edge.

As of 9:54 am ET, West Texas Intermediate (WTI) for September deliveries saw a 1.12% increase, selling at $63.37 per barrel, while Brent for the same month's settlements rose by 1.07% to $66.39 per barrel.