European natural-gas prices extended their slide, with benchmark Dutch TTF contracts briefly touching €31 per megawatt-hour, the lowest level since May 2024. Traders said the drop reflected expectations that a U.S.-brokered cease-fire between Russia and Ukraine could eventually allow some Russian supply back onto the market. President Donald Trump is pressing Ukrainian leader Volodymyr Zelenskiy for a territorial compromise in talks this week, heightening speculation about future sanctions relief. Oil markets were buffeted by the same diplomatic uncertainty. West Texas Intermediate fell to $62.35 a barrel on Tuesday as hopes for a rapid peace raised the prospect of additional Russian barrels. Prices rebounded on Wednesday, with WTI settling at $63.21 and Brent at $66.84, reversing the previous day’s losses and leaving both contracts little changed on the week. The rally followed U.S. government data showing crude inventories dropped by 6 million barrels in the week to Aug. 15, the largest draw since June and far deeper than analysts expected. Gasoline stockpiles fell 2.7 million barrels, while distillate supplies rose 2.3 million. The figures, together with refinery runs at their strongest seasonal level since 2019, signalled resilient domestic demand and helped offset concerns that a Ukraine peace agreement could loosen the global supply balance.