WASHINGTON (dpa-AFX) - Oil prices pulled back on Thursday after climbing by over 2 percent the previous day following U.S. President Donald Trump's increasingly hawkish Russia rhetoric.
Benchmark Brent crude futures fell 0.8 percent to $68.73 per barrel in European trade, while WTI crude futures were down 0.9 percent at $64.38.
Oil prices saw their biggest jump since July to hit a seven-week high on Wednesday after Trump labelled Russian President Putin's military 'a paper tiger' and asserted that Ukraine can win the war against Russia.
The U.S. President said Kyiv can 'win all of Ukraine back in its original form', marking a major shift in his position on the war with Russia.
Putin's spokesman, Dmitry Peskov, suggested the reason for Trump's change of tone was that he had just talked to the Ukrainian president.
Trump had made the comments 'apparently under the influence of the vision put forward by Zelensky... this vision is in absolute contrast with our understanding of the current state of affairs'.
Meanwhile, concerns prevail over a looming glut, with Iraq expecting oil exports from its Kurdistan region to resume as soon as this week following a two-year halt.
Flows through the key Ceyhan pipeline from Kurdistan to Turkey's Mediterranean coast will resume 'most likely this week,' Foreign Minister Fuad Hussein said in an interview in New York late on Wednesday.
He added that Baghdad has also started negotiations with Turkey for a new pipeline agreement as the current one expires in 2026.
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