At the beginning of last week, there were concerns in the oil market about a potential reduction in supply from Russia and Iran. However, news that was contrary in nature quickly appeared that sanctions would not be able to withstand the flow of Russian and Iranian oil to the world market. There is growing evidence of Russia, Iran, and China adapting to the new restrictions. The IEA and EIA reports also refute market expectations for a significant reduction in Russian oil exports. 

By the middle of last week, the geopolitical background had completely changed: US President Donald Trump called Russian President Vladimir Putin. And this week, representatives of the two countries met in Riyadh. At first, quotes reacted negatively to these events, as bidders suggested that the de-escalation of the Russian-Ukrainian conflict would lead to the lifting of sanctions and an increase in the export potential of Russian oil. However, the volume of oil supplies from Russia is more limited by OPEC agreements rather than sanctions.  

The Energy Information Administration (EIA) has reported an increase in U.S. oil reserves for the fourth week in a row. Refineries in the United States and Europe are gradually reducing production volumes amid seasonal maintenance. For oil grades that form the prices of key futures, this may be a pressure factor.