Ukraine Peace Talks Could Sink Brent Oil by $10

The start of the U.S.-Russian talks on ending the war in Ukraine adds another bearish geopolitical factor for oil prices this year. As top U.S. and Russian officials are meeting in Saudi Arabia to discuss the possible end of the war without Ukraine’s participation, the market is starting to come around to the potential of eased access to Russian oil supply. If talks result in a deal and a possible sanctions relief on Moscow’s crude oil and petroleum product exports, oil prices will ease by up to $10 per barrel for the Brent benchmark,…