US discusses Russian oil deals for American firms in Ukraine peace talks
The Financial Times reports Washington and Moscow are discussing a return of big US energy companies to Russia's oil market as part of talks to end the war.
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what happened
The Financial Times reported that the United States and Russia are discussing a possible return of large American energy companies to Russia's oil market as part of broader talks to end the war in Ukraine. The Trump administration has proposed reviving a joint venture with US and Russian oil majors off Sakhalin Island, and resuming Russian oil sales to Europe via the Druzhba pipeline.
Washington hopes these incentives will help move Vladimir Putin at three-party talks with Ukraine in Abu Dhabi next month. A US official told the FT that nothing has been finalized and the ventures would not start until the war ends.
Oil fell in the same session: December Brent dropped 1.7% to $113.88 a barrel, while WTI lost 1.8% to $99.90, slipping back below $100. Shares of Valero, Marathon Petroleum and Phillips 66 each fell more than 7%.
why it matters
Oil is reacting to any sign of diplomacy in the Middle East and Ukraine, since easing those tensions lowers the risk premium on supply. Still, as BOK Financial's Dennis Kissler noted, tight global supplies and a growing US military presence in the Persian Gulf are limiting the decline.
market impact
Oil: hopes for peace talks pressure Brent, but tight supply limits the decline
- Brent pressure down — hopes of a settlement reduce the risk premium on supply disruptions
tags
instruments
sources
- Trump administration discussing Russian deals with U.S. oil firms in Ukraine peace talks — FT, 27 October 2026 at 23:45 UTC
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