Oil Prices Plunge to One-Month Lows on US Push for Russia-Ukraine Peace Deal

According to Reuters, Crude oil prices settled about 1% lower on November 21, 2025, hitting one-month lows as the US advances a peace deal between Russia and Ukraine that could unlock additional global supplies.

Brent crude traded around $62.67 per barrel, while WTI fell to $58.29, reflecting bearish sentiment amid a saturated market and waning demand growth.

Sanctions on Russian producers like Rosneft and Lukoil, effective the same day, added uncertainty but failed to stem the decline.

The prospect of eased Russian export restrictions - potentially adding millions of barrels daily - has overshadowed supply disruptions elsewhere.

Combined with a stronger dollar from robust US jobs data, this has curbed risk appetite, hitting energy stocks and exporters hardest. OPEC+ production hikes, up 6.2 million barrels per day since January, further pressure prices.

Forecasts suggest Brent averaging $68.50 in 2025, but near-term oversupply risks persist.

If peace talks falter, prices could rebound toward $65; otherwise, sub-$60 levels loom, challenging producer budgets and global energy transitions.