Oil falls amid Ukraine peace talks

Oil drilling rigs

Oil prices declined today, Feb. 24, as investors monitored the progress of talks to resolve the Ukrainian war amid Russia-US negotiations, from which Washington excluded the European Union.

Brent crude was trading down 0.11% at $74.35 a barrel, at 09:27 am Makkah time. West Texas Intermediate (WTI) crude fell 0.23% at $70.24 per barrel.

Last week, Russia and the United States held preliminary talks at the foreign ministers' level to discuss several issues, including ending the war in Ukraine and concluding a peace agreement between Moscow and Kiev.

However, Washington did not invite either Ukraine or the European Union to attend these negotiations, which sparked a state of geopolitical turmoil in the old continent. The leaders held an emergency summit to discuss these developments, during which they discussed increasing military spending amid the risks of rising Russian influence.

Separately, the Iraqi Oil Ministry said in a statement on Feb. 22 that it had completed all the necessary arrangements to resume oil exports via a pipeline linking it to Turkey.