G7, EU Negotiate Russian Oil Ban; Crude Prices Stable Amid Ukraine War, Fed Watch

• Oil prices remained stable Tuesday after a 2% fall Monday, with markets watching Ukraine peace talks and US interest rate decisions.
• G7 and EU are negotiating to remove price caps on Russian oil and impose a complete maritime ban to reduce Russia's oil revenue.
• Brent crude traded at $62.47 and WTI at $58.84; Monday's decline followed Iraq resuming production at the West Qurna 2 oilfield.
• Analysts predict an oversupplied energy market until 2026, potentially keeping prices under pressure, with recovery possible later in 2026.

Why It Matters: EU/G7 actions on Russian oil could directly impact global crude prices.