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Oil prices held largely steady in Asian trading on Monday following a sharp weekly decline of about 3%, with traders assessing the contrasting forces of potential peace progress in Ukraine and the impact of newly implemented U.S. sanctions on Russian oil exports. As of 20:50 ET (01:50 GMT), Brent crude for January delivery slipped 0.2% to $62.45 per barrel, while West Texas Intermediate (WTI) dipped 0.3% to $57.91 per barrel. Both benchmarks dropped more than 1% on Friday, hitting one-month lows and closing the week on a downtrend.
Market sentiment has been heavily influenced by renewed discussions surrounding a possible peace deal between the U.S. and Ukraine. Washington and Kyiv have agreed to an “updated and refined” framework aimed at ending the conflict with Russia. The revised proposal adjusts an earlier 28-point plan that Ukraine criticized as being too aligned with Moscow’s interests. Should meaningful progress occur, the possibility of sanctions easing—and with it, increased Russian crude supply—could pressure global oil prices by contributing to a potential supply surplus. Analysts at ING note that despite the updated roadmap, major hurdles remain, including territorial concessions and limits on Ukraine’s military capabilities, as well as the need for clear security guarantees.
Meanwhile, the oil market continues to monitor the latest round of U.S. sanctions targeting Russian energy majors Rosneft and Lukoil. The measures, which took effect on November 21, restrict global buyers and financial institutions from transacting with the companies, significantly complicating Russia’s export pathways. These sanctions could tighten supply in the short term, offering some support for prices even as speculation around a peace deal pushes in the opposite direction.
According to ING, any significant progress toward peace raises the odds of sanctions being relaxed or enforced less strictly. For now, uncertainty remains elevated, keeping oil markets caught between opposing geopolitical forces.
