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Oil Prices Slide as Putin-Trump Summit Announced
7 Aug
Summary
- Oil prices drop for 6th consecutive session
- Kremlin says Putin and Trump to meet in coming days
- U.S. prepares sanctions on major buyers of Russian energy
As of August 7, 2025, oil prices have dropped for the sixth consecutive session following the Kremlin's announcement that Russian President Vladimir Putin and U.S. President Donald Trump will meet in the coming days. This news has raised expectations of a diplomatic resolution to the ongoing war in Ukraine, leading to a decline in oil prices.
Brent crude futures settled down 46 cents, or 0.7%, at $66.43 a barrel, while U.S. West Texas Intermediate crude fell 47 cents, or 0.7%, to $63.88. Both benchmarks had already slid about 1% the previous day, touching their lowest levels in eight weeks, after comments from Trump on progress in talks with Moscow.
The Kremlin aide Yuri Ushakov stated that the upcoming summit between the two leaders would be the first such meeting since 2021. However, the U.S. government continues to prepare for the imposition of secondary sanctions on major buyers of Russian energy products in an effort to pressure Moscow to end the war in Ukraine.
Russia is the world's second-largest producer of oil, behind the United States. The U.S. has also ordered a new set of tariffs on Indian goods, citing the country's continued imports of Russian oil. The additional 25% import tax will take effect on August 28.
