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Oil prices declined on Wednesday after Russia agreed to U.S. President Donald Trump’s proposal to halt attacks on Ukraine’s energy infrastructure, raising prospects of increased Russian oil supply.
Brent crude futures dropped 12 cents to $70.44 a barrel, while U.S. West Texas Intermediate (WTI) fell 15 cents to $66.75. Russian President Vladimir Putin agreed to pause strikes on Ukrainian facilities but stopped short of a full ceasefire. Analysts suggest this could lead to a potential easing of sanctions, boosting global oil supply and lowering prices.
Additional pressure on oil markets came from growing recession fears linked to U.S. tariffs on Canada, Mexico, and China. However, ongoing geopolitical tensions in the Middle East limited further declines. Trump pledged to hold Iran accountable for Houthi attacks in the Red Sea, while Israel’s airstrikes in Gaza, which killed at least 200 people, raised concerns over regional oil supply disruptions.
Meanwhile, U.S. crude oil inventory data provided mixed signals. The American Petroleum Institute reported a 4.59-million-barrel increase in crude stocks for the week ending March 14, while gasoline and distillate inventories fell by 1.71 million and 2.15 million barrels, respectively. Official government data is expected later Wednesday.
With uncertainty in both supply and demand factors, oil markets remain volatile, balancing potential Russian output increases against Middle Eastern instability.
