Crude oil WTI futures saw a slight uptick following a significant phone call between President-elect Donald Trump and Russian President Vladimir Putin.

What Happened: At the time of writing, Crude Oil WTI Futures was up 0.18% at $70.25 per barrel on Monday during pre-market hours.

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President-elect Trump reportedly had a phone discussion with President Putin on Thursday, marking their first interaction since Trump’s election win, The Washington Post reported on Sunday. Trump urged Putin to refrain from escalating the Ukraine conflict, highlighting the substantial U.S. military presence in Europe. The dialogue also included discussions on achieving peace across Europe, with Trump expressing interest in further talks to hasten a resolution to the Ukraine issue.

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These developments could have contributed to a rise in Crude Oil WTI Futures. The market often responds to potential de-escalation in geopolitical tensions, which can ease supply concerns and potentially lower prices.

Why It Matters: The phone call between Trump and Putin comes amid heightened scrutiny of Russian oil trade. The U.S. Justice Department has been intensifying efforts to enforce sanctions on Russia’s energy exports. This includes investigating Murtaza Lakhani and his ties to Rosneft Oil, a Russian state-backed energy giant in 2023.

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Additionally, Russian oil has found its way to U.S. shores through a sanction-busting loophole, despite a ban on its import following Russia’s invasion of Ukraine.

Oil prices have been volatile lately, with OPEC+ recently delaying production increases ahead of the U.S. elections, causing a spike in prices.