Global oil prices climbed almost 3% after peace talks between Ukraine and Russia in Geneva ended abruptly following just two hours of negotiations. Ukrainian President Volodymyr Zelenskyy described the discussions as “difficult” and accused Moscow of deliberately obstructing progress toward ending the four-year war.
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Brent crude futures rose $1.85, or 2.7%, to settle at $69.27 per barrel, while U.S. West Texas Intermediate (WTI) gained $1.78, or 2.9%, to reach $64.11 per barrel. The rebound reflects renewed geopolitical risk premiums in energy markets.
Russia’s chief negotiator, Vladimir Medinsky, said the talks were “complex” but conducted seriously, adding that a new round of negotiations would be scheduled soon. The meeting in Switzerland was mediated by the United States, as President Donald Trump recently suggested Ukraine must take steps to ensure diplomatic progress.
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Iran Tensions and Shipping Disruptions Add Pressure
Oil markets were also influenced by developments in the Middle East. Prices had fallen a day earlier after Iran and the United States agreed on “guiding principles” in talks aimed at resolving their long-standing nuclear dispute. However, Iranian Foreign Minister Abbas Araghchi cautioned that a final agreement is not imminent.
As negotiations began, Iranian state media reported the temporary closure of parts of the Strait of Hormuz, a critical global oil transit route, citing security precautions during military drills by Iran’s Revolutionary Guard. The waterway reportedly reopened hours later, though details remain unclear.
