WTI crude oil futures rose slightly after 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 was up 0.18% at $70.25 per barrel during pre-market hours on Monday.

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President-elect Trump reportedly had a phone call with President Putin on Thursday, marking their first interaction since Trump’s election victory, The Washington Post reported on Sunday. Trump urged Putin not to escalate the conflict in Ukraine, highlighting the substantial US military presence in Europe. The dialogue also included discussions on achieving peace across Europe, with Trump expressing interest in further talks to expedite a resolution to the Ukraine issue.

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These developments could have contributed to a rise in WTI Crude Oil Futures. The market often reacts to a potential de-escalation of geopolitical tensions, which can allay supply concerns and potentially lower prices.

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

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Furthermore, Russian oil has found its way to American shores through a loophole in the law, despite an import ban following Russia’s invasion of Ukraine.

Oil prices have been volatile lately, with OPEC+ recently delaying production increases ahead of the US election, causing a price spike.

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