FX.co ★ Oil Rebounds on Russia-Ukraine Tensions

WTI crude oil futures climbed 2% to $63.70 per barrel on Wednesday, recovering from a 0.9% loss in the previous session, as geopolitical tensions escalated following the abrupt breakdown of Ukraine–Russia peace talks in Geneva after only two hours. Ukrainian President Volodymyr Zelenskiy described the negotiations as difficult and accused Russia of stalling progress, while Russian negotiator Vladimir Medinsky called the talks business-like and indicated that another round would be held soon. Tensions were further heightened by plans for joint Iranian–Russian naval exercises in the Sea of Oman and the northern Indian Ocean. Traders are also awaiting US weekly oil data, with the American Petroleum Institute set to publish its report on Wednesday and the Energy Information Administration scheduled to release figures on Thursday. Analysts expect US crude inventories to have increased last week, while distillate and gasoline stocks likely declined.