Oil prices close higher; Brent crosses $66

Oil drilling rigs

Oil prices closed positive today, Aug. 18, as investors followed the US-EU summit on peace negotiations between Russia and Ukraine.

Brent crude futures for October delivery rose 1.14%, or 75 cents, to $66.60 a barrel. WTI crude futures for September delivery rose 1%, or 62 cents, to $63.42 a barrel.

Ukrainian President Volodymyr Zelenskyy arrived in the US today for a meeting with President Donald Trump, following the latter's meeting with Russian President Vladimir Putin last weekend.

A number of European leaders are scheduled to join the summit later today, while Trump affirmed his country's readiness to provide protection to Ukraine and participate in deploying troops on its territory.

In a related development, Russian oil supplies via the Druzhba pipeline to Hungary and Slovakia were halted after a Ukrainian attack on part of the network.

Reuters reported, citing informed sources, that Russian oil company Lukoil suspended oil refining operations at its Volgograd refinery after a series of attacks by Ukrainian drones last week.

The Volgograd refinery accounted for 5.1% of Russia's total oil refining capacity in 2024. Ukraine's intensified attacks on Russia's energy infrastructure are aimed at pressuring Moscow amid ongoing peace talks.