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Oil prices recorded their sharpest weekly losses since late June, as markets weighed geopolitical developments and economic headwinds from escalating tariff disputes.

Brent crude futures settled 16 cents higher, or 0.2%, at $66.59 per barrel on Friday, while U.S. West Texas Intermediate (WTI) crude ended flat at $63.88 per barrel, according to Al Arabiya. For the week, Brent dropped 4.4%, and WTI plunged 5.1% compared to last Friday’s close.

According to Bloomberg, U.S. crude fell more than 1% intraday following reports that Washington and Moscow are working toward an agreement to end the war in Ukraine, potentially cementing Russia’s control over territories seized during its invasion. Sources familiar with the talks said the territorial deal could pave the way for an early-week summit between U.S. President Donald Trump and Russian President Vladimir Putin.

The potential meeting has sparked speculation of a diplomatic resolution that might ease sanctions on Russia, coming at a time when trade tensions between Trump and buyers of Russian oil are intensifying.

This week, Trump threatened to raise tariffs on India if it continues purchasing Russian crude and warned that China — the largest buyer of Russian oil — could face similar levies.

On the supply side, OPEC+ agreed on Sunday to raise oil output by 547,000 barrels per day for September, marking the latest in a series of accelerated production hikes aimed at reclaiming market share and boosting supply.

Trump also announced on Thursday his intention to nominate White House Council of Economic Advisers Chairman Stephen Miran to fill a vacant seat on the U.S. Federal Reserve Board, fueling expectations for a more dovish monetary stance. Lower interest rates tend to reduce borrowing costs, potentially stimulating economic growth and oil demand.

The U.S. dollar ended Friday steady but posted a weekly decline. A stronger dollar typically weighs on demand for dollar-priced crude from overseas buyers.