Oil prices have declined amid announcements of an upcoming meeting between former U.S. President Donald Trump and Russian President Vladimir Putin. Texas crude oil fell by 0.73% as markets anticipate discussions related to a potential Russia-Ukraine cease-fire, with Trump setting a Friday deadline for progress. The geopolitical developments have drawn close attention to oil market dynamics, especially given the ongoing impact of Western sanctions on Russia. In 2025, the US, EU, and UK have sanctioned 386 shadow fleet vessels, contributing to a 25% reduction in Russia's seaborne oil exports during the first seven months compared to the same period in 2024. However, some analysts argue that sanctions alone do not fully explain the decline, citing factors such as Ukrainian drone attacks, maintenance issues, and shifts in export destinations toward Asia. Additionally, changes in global demand, including India's reduced imports of Russian crude and rising oil inventories, are reshaping the fragile market. The Kremlin confirmed the planned Trump-Putin meeting, which has influenced recent price movements and market sentiment.