Oil fell 1.5% for a third straight session on rising supply fears and fading Fed rate-cut hopes.

Brent dropped 1.5% to $62.45, and WTI fell 1.7% to $58.02. Both benchmarks are set for weekly losses of over 2.5%, wiping out last week’s gains.

Talks around a potential U.S.-backed peace plan pressured prices by reducing the geopolitical risk premium, though analysts noted a deal remains far from certain. Sanctions on Russian oil majors Rosneft and Lukoil are also viewed as unlikely to significantly disrupt supply.

A stronger U.S. dollar, boosted by fading expectations of a December rate cut, added further weight to crude prices by making oil costlier for non-U.S. buyers.