**Oil Prices Drop 2% as Trump Takes Step Towards Ukraine Peace Talks**
On February 12, oil prices fell by more than 2% after US President Donald Trump took a significant step towards ending the ongoing Russia-Ukraine war. The war had been causing concerns about global supply disruptions and higher oil prices.
**Brent and WTI Crude Prices Drop**
By 1:38 p.m. EST, Brent futures were down $1.71, or 2.22%, at $75.29 per barrel. US West Texas Intermediate crude dropped $1.78, or 2.43%, to $71.54. At their session lows, both benchmarks had fallen by more than $1 per barrel.
**Trump’s Phone Calls with Putin and Zelensky**
Trump addressed the war in Ukraine during phone calls with Russian President Vladimir Putin and Ukraine’s leader Volodymyr Zelensky. Trump confirmed on his social media platform that he and Putin had agreed to have their teams start negotiations immediately.
**Analyst Says Risk Premium Removed from Oil Prices**
Phil Flynn, a senior analyst with Price Futures Group, told Reuters that Trump’s peace talks had taken some of the risk premium out of oil prices. He said, “The combination of higher inflation and the possibility of peace (in Ukraine) is causing a bit of a sell-off in the market at the moment.”
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