Oil Slips in Early Asian Trade as Geopolitical Tensions Create Market Whiplash

Oil prices edged lower in early Asian trading after a volatile prior session, with geopolitical developments continuing to unsettle markets, ANZ Research analysts note.

On one side, sentiment received a brief lift after U.S. envoy Steve Witkoff arrived in Moscow for talks with Russian President Vladimir Putin, signaling potential progress toward a peace deal to end the war in Ukraine. At the same time, tensions flared again as Putin threatened retaliatory measures against vessels from nations supporting Ukraine, adding fresh uncertainty to supply risk.

Front-month WTI crude slipped 0.3% to $58.48/bbl, while front-month Brent fell 0.3% to $62.27/bbl.