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Oil prices fell on Thursday as optimism over potential peace talks between Ukraine and Russia raised hopes of easing sanctions, while U.S. President Donald Trump's tariff threats fueled economic concerns.
Brent crude dropped 55 cents (0.73%) to $74.63 per barrel, while U.S. West Texas Intermediate (WTI) fell 52 cents (0.73%) to $70.85. This followed a more than 2% decline on Wednesday after Trump stated that Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy were open to peace talks. The U.S. has begun discussions to end the war, which has disrupted global oil supplies.
Russia, the world’s third-largest oil producer, has faced sanctions since its 2022 invasion of Ukraine. Analysts at ANZ noted that oil prices declined due to optimism that supply risks could ease. U.S. and EU sanctions have constrained Russia’s oil output, tightening supply and pushing up prices.
In addition to geopolitical factors, Trump’s proposal for reciprocal tariffs raised fears of a global trade war, potentially slowing economic growth and reducing oil demand. He pledged to impose new duties on countries taxing U.S. imports, adding to inflation concerns.
A larger-than-expected build in U.S. crude inventories also pressured prices. The Energy Information Administration (EIA) reported a 4.1 million-barrel increase in crude stockpiles to 427.9 million barrels for the week ending Feb. 7, surpassing analysts' forecast of a 3 million-barrel rise.
Market watchers continue to monitor geopolitical developments and economic policies that could impact global oil prices in the coming weeks.
