Crude Oil Prices Dip as Markets Monitor U.S.-Ukraine Diplomacy

On Tuesday, Aug 19, 2025, Crude oil prices edged lower in Asian trading, as investors weighed ongoing diplomatic efforts between the U.S. and Ukraine for signals about the future of Russian oil exports. Attention has now shifted toward a potential meeting between Ukrainian President Volodymyr Zelensky and Russian President Vladimir Putin, which could prove pivotal in shaping market sentiment.

As of 10:29 GMT (06:29 ET), October Brent crude futures were down 0.5%, trading at $66.27 per barrel, while West Texas Intermediate (WTI) crude also slipped 0.5% to $62.36 per barrel.

This follows a nearly 1% gain on Monday, sparked by comments from U.S. Trade Adviser Peter Navarro, who criticised India’s ongoing purchases of discounted Russian crude, arguing that such transactions help fund the war in Ukraine.

Trump-Zelensky Talks

On Monday, former U.S. President Donald Trump hosted Ukrainian President Volodymyr Zelensky at the White House, alongside key European leaders, in a high-level summit aimed at exploring paths to end the conflict in Ukraine.

Trump reaffirmed the United States’ commitment to Ukraine’s security as part of any peace framework, although he stopped short of detailing specific guarantees. Zelensky described the discussions as "a major step forward" in advancing diplomatic efforts.

While the summit did not produce any immediate breakthrough, analysts at ING noted that the next significant development could be a direct meeting between Zelensky and Putin—potentially within the next two weeks.

Also Read: India Boosts Russian Oil Imports to 2 million bpd in August Despite US Pressure

Trump Proposes Direct Putin-Zelensky Talks

Trump confirmed that he had initiated efforts to arrange a face-to-face meeting between Zelensky and Putin, and even suggested the possibility of a three-way dialogue involving the U.S. The move has been interpreted as a renewed push toward negotiations.

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