Oil prices rose nearly a dollar a barrel as Russia and Ukraine blamed each other for stalled peace talks, with strong U.S. demand boosting prices. Brent crude settled at $67.67, up 1.2%, while U.S. West Texas Intermediate closed at $63.52, up 1.3%. Geopolitical tensions escalated as Russia launched an air attack near Ukraine’s border, while Ukraine claimed to have hit a Russian oil refinery. Uncertainty in peace talks raised the possibility of tighter sanctions on Russia. Additionally, a larger-than-expected 6 million barrel drawdown in U.S. crude stockpiles signaled strong demand, challenging oversupply projections for 2026. Investors await signals from the Jackson Hole economic conference on a possible Fed interest rate cut.

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