Energy – Trump deadline passes without stricter sanctions against Russia President Trump’s deadline for Russia to strike a peace deal with Ukraine passed without stricter US sanctions imposed on Moscow. This likely contributed to the recent weakness in crude oil prices, with Brent trading at its lowest levels since early June. The market is focused on Trump’s meeting with President Putin on Friday — and whether any progress towards a peace deal can be made. But with Russia demanding that Ukraine cede occupied territory to end the war, it’s difficult to see a quick solution. It’s unlikely that Ukraine will agree to give up its own territory. If we do see some level of de-escalation, it would remove sanction risk from the oil market. This would likely drive prices lower, given the bearish fundamentals. The latest positioning data shows that speculators are bearish towards the oil market, despite the sanctions and secondary tariff risks. Speculators reduced their net long in ICE ...