05:07 AM EDT, 08/26/2025 (MT Newswires) -- Crude oil prices dropped on Tuesday, retreating from multi-week highs, amid uncertainty around efforts to end the war in Ukraine and impacts on Russian oil supply.

Brent crude at last look lost 0.9% to US$68.19/barrel and West Texas Intermediate crude fell 1% to US$64.13/b. U.S. and Russian government officials discussed energy deals on the sidelines of Ukraine peace talks, Reuters said in a Tuesday report, citing unnamed sources.

"The modest setback today is due to risk aversion, with equity markets trading lower," Reuters quoted UBS analyst Giovanni Staunovo as saying. "Geopolitical factors are something to watch for, particularly what Trump might do if there is no meeting between Russia and Ukraine."

Investors appear to be unwilling to commit to either direction amid a huge amount of uncertainties in the oil market due to tariffs and the war in Ukraine, analysts said in the report.