Muscat: Oil prices fell today following expectations that a potential peace deal between Ukraine and Russia would end sanctions that have disrupted supply flows. Brent futures were down 55 cents, or 0.73%, at $74.63 a barrel, while US West Texas Intermediate (WTI) crude dropped 52 cents, or 0.73%, to $70.85.
According to Oman News Agency, Brent and WTI fell more than 2% on Wednesday after US President Donald Trump said Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed a desire for peace in separate phone calls with him. In response, Trump ordered top US officials to begin talks on ending the war in Ukraine.