Oil prices steady as investors eye Ukraine war

Oil prices steadied on Wednesday, August 27, 2025, as the market watched for fresh developments in the Ukraine war.

Brent crude futures rose 1 cent to $67.32 per barrel at 0354 GMT, while West Texas Intermediate (WTI) crude futures were up 8 cents at $63.33.

Both contracts fell over 2% on Tuesday after beginning the week on a two-week high.

“A lot of uncertainty over how the Ukraine stalemate might be resolved, which portends volatility for crude but likely in a relatively small range,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.

“Over the past week or so, much of the Ukraine peace discount has been reversed, but the market is also not ready to price in a major supply risk premium,” Hari added.

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United States special envoy Steve Witkoff said on Tuesday he will meet Ukrainian representatives in New York this week, adding that Washington is also in talks with Russia as it seeks to end the war.

Also, U.S. plans to impose additional tariffs of 25% on Indian exports at 12:01 a.m. EDT (0401 GMT) on Wednesday, taking them to 50% overall and among the highest levied by Washington, have traders undecided on the market direction.

President Donald Trump said the higher charges are a result of India’s Russian oil buying, which increased following Russia’s invasion of Ukraine as Western sanctions led Russia to discount its cargoes, Reuters reported.

The war in Ukraine is influencing the oil market in other ways as Ukrainian drone attacks on Russian refineries are cutting their operations, requiring them to export the crude they cannot process.

The Star