Oil Prices Hold at Weekly Highs Ahead of Trump–Putin Summit

August 15, 2025 – Crude oil prices stayed near their highest levels in a week on Friday as investors closely monitored geopolitical developments ahead of a highly anticipated meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska. The summit, scheduled for later in the day, has drawn intense global attention, with markets alert to any signals on U.S.–Russia relations and the ongoing conflict in Ukraine.

Brent crude futures inched up 0.2% to $67.00 per barrel by mid-day trading, extending Thursday’s gains. U.S. West Texas Intermediate (WTI) crude also advanced 0.2% to $64.10. Both benchmarks are on track to post modest weekly increases after a period of volatility earlier this month.

Analysts said sentiment was buoyed by comments from President Trump warning of “serious consequences” should Moscow obstruct peace efforts in Ukraine. The possibility of fresh sanctions or disruptions to Russian oil exports—one of the world’s largest suppliers—has heightened concerns over global supply stability.

Adding to the positive tone, Japan’s latest GDP figures surprised on the upside, with the economy expanding 1.0% year-on-year in the second quarter, outpacing market expectations. The stronger data eased some worries about demand in Asia, a key region for global oil consumption.

However, market gains were capped by caution over U.S. monetary policy. Despite recent softer inflation readings, some traders believe the Federal Reserve may keep interest rates elevated longer than previously expected, which could slow economic growth and weigh on energy demand in the months ahead.

Oil traders will now be watching closely for any outcomes from the Trump–Putin talks, particularly regarding Ukraine and potential changes to energy market dynamics. Any surprise announcements could prompt sharp price swings going into next week’s trading.