Ukraine and Russia failed to make any progress in stopping the war and closing the big differences between them at the first high-level talks in Turkey on Thursday. Russia and Ukraine failed to reach an agreement on a ceasefire or a way to evacuate the inhabitants of the besieged country. The meeting between the foreign ministers was the highest level between the two sides since the invasion two weeks ago. The negative outcome of the Antalya Summit between the Ministers of Foreign Affairs of Turkey, Russia and Ukraine still reveals an uncertain way to return to pre-2022 conditions. At this point, it is necessary to share two developments that the market has reacted to:
Hours after Putin said he would bring fighters from the Middle East, he said there was “positive move” in his talks with Ukraine. Stocks jumped after Putin’s statements, crude oil futures slumped gains, and gold continued to decline.
Iran and the United States are at odds over reviving the 2015 nuclear deal. Efforts to revive the 2015 nuclear deal have been put on hold, making the process of returning Iranian oil to markets uncertain for the time being.
Brent oil intraday price action… Source: Bloomberg
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