The global drop in oil prices is tightening economic pressure on Russia and bringing the prospect of a peace deal in Ukraine closer — according to former U.S. President Donald Trump. He believes the current situation in the energy market could play a decisive role in ending the ongoing conflict between Moscow and Kyiv.
“I think Russia — with oil prices where they are now — is under serious pressure. This is a good moment to settle,” Trump told reporters in the Oval Office. “They want to settle. Ukraine wants to settle. But if I weren’t president, nobody would be settling.”
According to Bloomberg, the price of West Texas Intermediate (WTI) crude — the U.S. oil benchmark — was hovering around $57.21 per barrel at the time of Trump’s comments, nearly 27% lower than in January when he took office. The steep decline followed a recent decision by the Organization of the Petroleum Exporting Countries (OPEC) to increase production despite the expected drop in global demand, driven by Trump’s ongoing trade war.
Trump has repeatedly called on OPEC to pump more oil and push prices down, arguing that lower prices would deprive Russia of crucial export revenues and accelerate the end of the war in Ukraine. According to Bloomberg, Trump administration officials have also floated the possibility of additional sanctions and other economic tools to ramp up pressure on Moscow, as diplomatic talks remain stalled.
Trump’s remarks came just days ahead of his planned Middle East trip, which included stops in Saudi Arabia, Qatar, and the United Arab Emirates — all key players in the global oil market. At the same time, the European Union is moving forward with a proposal to ban Russian gas imports by the end of 2027, aiming to weaken Moscow’s energy dominance, Bloomberg reported.
While Trump welcomes falling oil prices as a strategic blow to Russia, the trend is also stirring concerns among American energy producers. His administration has long championed the slogan “drill, baby, drill,” pledging to boost domestic oil and gas output. However, with oil prices in decline, some U.S. wells and projects are now becoming economically unviable.
Thus, while Trump seeks to leverage the oil market as a geopolitical tool against Russia, he faces a balancing act between foreign policy objectives and the interests of the domestic energy sector. Still, he insists that current conditions present a rare opportunity to push for a settlement in Ukraine — provided the pressure on Russia remains firmly in place.
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