The sanctions on Rosneft and Lukoil could leave nearly 48 million barrels of oil stranded at sea. (Photo: Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Oil pushed lower after Ukrainian President Volodymyr Zelenskiy agreed to work on a peace plan, just as US sanctions on two Russian oil giants are scheduled to take effect on Friday.

West Texas Intermediate dropped for a third session toward $58 a barrel, while Brent closed near $63 on Thursday. The plan was drafted by the US and Russia and Zelenskiy expects to talk with President Donald Trump in the coming days. Proposals include Ukraine ceding territory and the removal of sanctions.

European diplomats expressed scepticism about any deal, noting that Russian President Vladimir Putin has a track record of appe

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