Oil markets are set for a muted price reaction when they open on Sunday after U.S. President Donald Trump's and Russian leader Vladimir Putin's meeting in Alaska, at which Trump said a fully-fledged peace deal was the aim for Ukraine rather than a ceasefire.

President Donald Trump is due to meet Friday in Alaska with Russian President Vladimir Putin. Crude-oil prices surged when Russia invaded Ukraine in 2022, and there is a potential for sizable moves depending on how Friday’s summit goes.

Oil prices could swing wildly depending on how the summit goes. Any movement toward a peace deal on Russia’s war in Ukraine could lead to crude benchmarks dropping below $60 a barrel, some analysts say. If the talks end with the U.S. imposing stricter sanctions, prices could top $80 a barrel.