Crude oil prices have dropped to a five-month low, following U.S. President Donald Trump’s announcement of a meeting with Russian President Vladimir Putin to discuss ending the Russia-Ukraine conflict. This development has sparked expectations that Russian oil may soon flow freely.

WTI fell by 1.4%, closing at approximately $57 per barrel, marking its lowest level since May. Trump revealed on social media that high-level U.S.-Russia talks are scheduled for next week, focusing on strategies to resolve the conflict, followed by a meeting between the two leaders in Budapest.

As the possibility of a ceasefire between Russia and Ukraine emerges, Russia's oil infrastructure is under increasing strain, with refined fuel exports hitting their lowest levels since the onset of the conflict. Meanwhile, Western nations are intensifying pressure on Russia's energy sector to diminish Putin's ability to finance the conflict.

The latest developments have dampened prior gains in oil prices, as Indian refiners indicated they expect to reduce their purchases of Russian crude oil. WTI November futures fell by 1.4%, settling at $57.46 per barrel. Brent December futures also decreased by 1.4%, closing at $61.06 per barrel.