- Oil steady ahead of Trump-Putin meeting
- The WTI prompt-month contract rose $0.34 to $64.22/Bbl Monday morning (7:45 AM CT)
- President Trump announced a summit with Russian President Vladimir Putin in Alaska
- Trump had declared an August 8 deadline, however no additional measures against Moscow or buyers of Russian barrels were announced by the president
- US and Russian officials are working towards a deal that would lock in Russia’s occupation of territory seized during its military invasion, according to Bloomberg
- Bjarne Schieldrop of SEB AB said, “Trump is very, very unlikely to slap sanctions on Russian oil while this process is ongoing, i.e., no disruption of Russian oil in sights
- The Trump administration’s reciprocal tariffs took effect on August 7 across dozens of trade partners, and customs will suspend the $800 de minimis import exemption for most commercial shipments on August 29
- According to Foreign Minister Abbas Araghchi, Iran will not allow nuclear site inspections when a senior International Atomic Energy Agency official visits Tehran on Monday
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