This is how the crude oil WTI futures react

WTI crude oil futures rose slightly following a key phone call between the president-elect Donald Trump and Russian President Vladimir Putin.

What happened: At the time of writing, WTI crude oil futures rose 0.18% to $70.25 per barrel during premarket trading on Monday.

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President-elect Trump reportedly had a phone conversation with President Putin on Thursday, marking their first interaction since Trump won the election, The Washington Post reported Sunday. Trump called on Putin to refrain from escalating the Ukraine conflict, citing the significant US military presence in Europe. The dialogue also included discussions about building peace across Europe, with Trump expressing interest in further talks to expedite a resolution to the Ukraine issue.

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These developments may have contributed to a rise in crude oil WTI futures. The market often reacts to a possible de-escalation of geopolitical tensions, which can ease supply concerns and potentially lead to lower prices.

Why it matters: The phone call between Trump and Putin comes amid heightened scrutiny of Russian oil trade. The US Department of Justice has stepped up its efforts to enforce sanctions against Russia’s energy exports. This also includes research Murtaza Lakhani and its ties to Rosneft Oil, a Russian state-backed energy giant in 2023.

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Furthermore, despite an import ban following Russia’s invasion of Ukraine, Russian oil reached U.S. shores through a sanctions-busting loophole.

Oil prices have been volatile recently as OPEC+ recently delayed production increases ahead of the US election, causing prices to rise.

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