Oil prices have experienced volatility amid geopolitical and supply concerns. West Texas Intermediate (WTI) crude settled at $66.29 per barrel on August 4, down 1.5%, while Brent crude fell 1.3% to $68.76. The decline followed OPEC+ approval of an additional 547,000 barrels per day for September, contributing to supply increases. Prices continued to slide over four consecutive sessions, with WTI reaching around $65 per barrel as Russia considered an air truce with Ukraine, a move seen as an attempt to avoid UK sanctions amid pressure from former President Donald Trump. Traders remain cautious due to oversupply risks from OPEC+ production hikes and increased Russian oil purchases by India and China. However, oil prices rebounded on August 6 following Trump's threats of secondary tariffs targeting Russian crude buyers, potentially including China. Despite a production drop and a significant crude inventory draw, WTI prices held steady. Market participants are also watching for signs of de-escalation between Russia and Ukraine, which could influence future oil market dynamics.