Oil Prices Drop on Trump-Putin Summit Uncertainty

Oil prices have continued their sharp decline, with Brent crude near $66 per barrel and WTI above $63, as markets await the Trump-Putin summit in Alaska that could affect the Ukraine war and global oil supply. Sentiment has turned bearish amid expectations that a peace deal may lift sanctions on Russian oil, increasing supply and further pressuring prices. OPEC+ has confirmed a September production hike, while weakening demand in China and Europe adds to concerns of oversupply. President Trump's new tariffs on imports are contributing to inflationary pressures and reduced economic activity. Analysts warn that a collapse in peace talks could reverse the downward price trend, but some now forecast Brent could fall below $65 and possibly under $60 later this year. Indian refiners are adjusting crude purchases as sanctions and tariffs evolve, influencing global oil trade flows.