Global oil prices retreated Wednesday after U.S. President Donald Trump revealed plans for his first meeting with Russian President Vladimir Putin in Saudi Arabia, raising prospects of potential shifts in global energy dynamics.

West Texas Intermediate (WTI) crude futures fell 0.84% to $70.77 per barrel, while Brent crude declined 0.86% to $74.53, as markets digested implications of the potential trilateral summit involving Saudi Crown Prince Mohammed bin Salman.

The announcement came after a 90-minute phone conversation between Trump and Putin, during which they discussed Ukraine. “We expect to meet in Saudi Arabia… see if we can get something done,” Trump said at the Oval Office, though no specific date was set.

This comes after Trump announced plans for immediate Ukraine peace talks, with Ukrainian President Volodymyr Zelenskyy confirming a “meaningful” discussion with him.

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