Oil Prices Fell more than 2% after Trump's Calls with Putin, Zelensky

Oil prices fell more than 2% during trading on Wednesday, February 12, at the settlement, after the first move in the diplomatic path of US President Donald Trump to end the war between Russia and Ukraine, which is considered one of the most important factors supporting oil prices in light of concerns about global supplies.

Brent crude futures fell $1.82, or 2.36%, to $75.18 per barrel at the settlement.

US crude futures fell $1.95, or 2.66%, to record $71.37 per barrel at the settlement, according to Reuters.

This decline comes after three consecutive sessions of increases, which resulted in Brent crude rising by 3.6%, and US crude by 3.7%.

Latest Oil Prices

WTI Crude          $71.30     -2.76%

Brent Crude       $75.08    -2.49%

Murban Crude   $77.50   -2.39%

Louisiana Light  $76.92   +3.92%

Bonny Light       $78.62    -2.84%

Mars US             $73.56    -1.61%

Gasoline             $2.083   -2.99%

Natural Gas       $3.566  +1.34%

This decline is mainly due to the two calls that the US President held with his Russian counterpart Vladimir Putin and Ukrainian counterpart Volodymyr Zelensky, during which he discussed ending the war between Moscow and Kiev.

"We also agreed that our teams will begin negotiations immediately and we will begin by calling Ukrainian President (Volodymyr) Zelensky to inform him of the conversation, which I will do now," the US president said in a post on his Truth Social social media platform.

The Ukrainian president's office said the phone call between Zelensky and his US counterpart lasted about an hour.

In another context, investors are also focusing on the Federal Reserve's next steps on US interest rates after comments from Fed Chairman Jerome Powell on Tuesday, and after the disclosure on Wednesday that the US consumer price index rose more than expected in January.

The Fed chairman said on Tuesday that the US economy is in good shape, and that the Fed does not need to rush to cut interest rates, but is prepared to do so if inflation declines or the labor market weakens.

The surprise increase in US inflation in January, as revealed by consumer price data from the US Department of Labor, has raised concerns that higher interest rates and expected tariffs could dampen hopes for a rate cut. Higher borrowing costs could slow the economy and reduce demand for oil.