Oil Prices Decline as Trump–Putin Meeting Raises Uncertainty Over Global Energy Outlook

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Oil prices.

Oil prices edged lower on Friday, 17 October 2025, closing a week marked by uncertainty in global energy markets following the announcement that U.S. President Donald Trump and Russian President Vladimir Putin will meet in Hungary to discuss an end to the war in Ukraine.

According to Reuters, Brent crude futures fell by 16 cents, or 0.26%, to $60.90 a barrel at 06:45 GMT, while U.S. West Texas Intermediate (WTI) crude declined by 15 cents, or 0.26%, to $57.31 a barrel. Overall, crude prices are on course for a weekly decline of nearly 3%.

The downturn was also influenced by the International Energy Agency’s (IEA) forecast of a potential oversupply in 2026, which heightened market concerns about long-term price stability.

The decision by Presidents Trump and Putin to hold another summit came as Moscow expressed concerns over renewed U.S. military aid to Kyiv. The proposed meeting, expected to take place in Budapest within the next two weeks, has been viewed as a diplomatic overture that could reshape geopolitical tensions affecting the oil market.

Meanwhile, Ukrainian officials were set to visit Washington on Friday to push for additional U.S. military assistance, including long-range Tomahawk missiles, as the Biden administration continues to pressure India and China to curb imports of Russian crude.

Adding to downward pressure, the U.S. Energy Information Administration (EIA) reported on Thursday that American crude inventories rose by 3.5 million barrels to 423.8 million last week — significantly above analysts’ expectations of a 288,000-barrel increase. The rise in stockpiles was attributed to reduced refinery utilisation during seasonal maintenance.

U.S. oil production also climbed to a record 13.636 million barrels per day, further amplifying supply concerns. On Thursday, Brent crude settled 1.37% lower and WTI fell 1.39%, marking their lowest levels since early May.



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