Crude oil futures are down by 0.79% on Thursday after a top Kremlin aide announced that a meeting between Russian President Vladimir Putin and President Donald Trump at a secure location may occur as early as next week.
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“At the suggestion of the American side, an agreement in principle was made to hold a bilateral meeting at the highest level in the coming days,” said Russian foreign policy aide Yury Ushakov.
However, the White House later said that the two sides have not yet decided on a meeting location and that Putin must meet with Ukrainian President Volodymyr Zelenskyy as well in order to secure a meeting with Trump.
Oil Slides as Russia Shows Willingness to Cooperate
Crude oil futures are set to end the trading week down by nearly 8% following a series of developments that could affect the oil supply chain.
Trump has threatened to impose 100% secondary tariffs on Russia unless it agrees to a ceasefire with Ukraine by August 8. The warning pushed oil futures higher amid fears of potential supply chain disruptions. As a major oil exporter, Russia accounts for roughly 11% of global production and supplies key buyers like India and China.
Afterward, reports circulated that Russia was considering an air-attack truce with Ukraine in order to escape the tariff. It’s not clear if Trump will actually follow through with his threat.
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