West Texas Intermediate (WTI) crude oil prices rebounded from previous session losses, trading around $70.60 per barrel during Monday’s Asian session. However, gains remained limited as hopes for a Russia-Ukraine peace deal eased supply concerns, with the potential lifting of sanctions on Moscow poised to boost global energy availability.
According to BBC sources, Trump administration officials are set to meet Russian counterparts in Saudi Arabia on Tuesday to discuss a possible peace agreement. This meeting follows last week’s breakthrough phone call between former President Donald Trump and Russian leader Vladimir Putin, signaling a potential shift in US-Russia relations.
Meanwhile, delays in US reciprocal tariffs provided some stability to oil prices. Investors grew more optimistic about trade negotiations after Trump instructed officials to assess tariff policies on nations imposing duties on US goods, with recommendations expected by April 1.
JPMorgan analysts, cited by Reuters, reported that global oil demand has surged to 103.4 million barrels per day (bpd), marking a 1.4 million bpd increase from the previous year. Demand for mobility and heating fuels, initially sluggish, picked up in mid-February, suggesting the gap between actual and projected consumption is narrowing.
Additionally, US Treasury Secretary Scott Bessent told Fox Business on Friday that Washington aims to slash Iran’s oil exports to less than 10% of current levels as Trump intensifies his “maximum pressure” campaign on Tehran’s nuclear ambitions. “We are committed to reducing Iran’s oil exports back to the 100,000 bpd level seen during Trump’s first term,” Bessent stated.
