Crude oil: WTI and Brent
Initaion of Ukraine Peace Talks On February 12, 2025, U.S. President Donald Trump engaged in discussions with Russian President Valdimir Putin and Ukrainian President Volodymyr Zelensky, aiming to negotitate an end to the ongoing Russia-Ukraine conflict. This move has introduced optimism into global markets, suggesting a possible resolution to a war that has significantly disrupted oil supplies and contributed to elevated prices. The prospect of peace has reduced the geopolitical risk premium, leading to a decrease in oil prices. As reported by Reuters, Brent crude futures fell by $1.82 or 2.36% selling at $75.18 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped by $1.95 or 2.66% to $71.37. Efforts to Resume Iraqi oil Exports Simultaneously, Iraq is advancing plans to resume oil exports from its northern region through Turkey's Ceyhan port. Exports had been halted since March 2023 due to a legal dispute, resulting in significant financial losses. Recent budget ame...