The Oct’25 Brent Futures contract gapped down from $63.14/bbl at 22.00 BST to $62.74/bbl at 02.01 BST, recovering over the morning, softening to sub-$62.70/bbl around 09.00 BST and rising to $63.15/bbl at 11.13 BST (time of writing). President Donald Trump met Russian President Vladimir Putin in Alaska on Friday and emerged more aligned with Moscow on seeking a peace deal instead of a ceasefire first. Trump said he doesn’t see an immediate need for retaliatory tariffs on countries like China for purchasing Russian oil, but warned he may revisit the idea in two or three weeks, easing near-term fears of a hit to Russian supply. Trump issued a statement on Truth just hours before he is set to meet with Zelensky, saying that Zelensky “can end the war with Russia almost immediately if he wants to.”. Trump says there is “no getting back Crimea and no going into NATO by Ukraine.” India’s state-owned BPCL has awarded Glencore a five-month contract to supply 10 mb of US oil, Reuters reports. Starting in November, Glencore will deliver 2mb of WTI Midland crude monthly through March, double BPCL’s previous tender. Russian crude flows to Hungary were halted after a Ukrainian strike on a Druzhba pipeline transformer station, Hungarian FM Peter Szijjarto said Monday. Hungary, which relies heavily on the Druzhba line, has no timeline for resumed deliveries as repairs are underway. Calling the attack “outrageous and unacceptable”. Finally, the front-month Oct/Nov spread is at $0.54/bbl, and the 6-month Oct/Apr spread is at $1.31/bbl.
