Global oil prices declined on Wednesday following the announcement of a potential meeting between U.S. President Donald Trump, Russian President Vladimir Putin, and Saudi Crown Prince Mohammed bin Salman. The meeting, which is expected to take place in Saudi Arabia, has raised hopes of potential shifts in global energy dynamics.
West Texas Intermediate (WTI) crude futures fell 0.84% to $70.77 per barrel, while Brent crude declined 0.86% to $74.53. The announcement came after a 90-minute phone conversation between Trump and Putin, during which they discussed Ukraine.
"We expect to meet in Saudi Arabia... see if we can get something done," Trump said at the Oval Office, though no specific date was set. This comes after Trump announced plans for immediate Ukraine peace talks, with Ukrainian President Volodymyr Zelenskyy confirming a "meaningful" discussion with him.