Oil Prices Soar Amid West Asia Tensions, Ukraine Peace Talk Progress

• Oil prices surged following the Trump-Zelenskyy meeting and heightened supply concerns from West Asia.
• Brent crude rose 0.7% to over $60/barrel, while US West Texas Intermediate (WTI) also climbed 0.7%, driven by geopolitical developments.
• Middle East tensions, including Saudi Arabia's operations in Yemen and Iranian President Masoud Pezeshkian's "comprehensive war" comments, fueled supply worries.
• Progress in Ukraine peace talks, with Trump noting "significant progress" and Zelenskyy confirming 90% agreement on a peace plan, also supported prices.
• Despite short-term gains, analysts caution about potential long-term limitations due to future oversupply and softer demand projections.

Why It Matters: Geopolitical tensions in West Asia and Ukraine peace talks drive oil price surge.