Ukraine-Russia Talks Collapse, Sending Oil Prices Soaring

Oil prices surged nearly 3% on Wednesday after the abrupt end to peace talks between Ukraine and Russia in Geneva. The two-hour meeting ended without a breakthrough, with Ukrainian President Volodymyr Zelenskiy accusing Russia of deliberately stalling progress toward a deal to end the four-year-old war.

Brent crude oil futures rose $1.85, or 2.7%, to $69.27 a barrel at 1227 GMT, while US West Texas Intermediate (WTI) crude climbed $1.78, or 2.9%, to $64.11.

Hungary has halted shipments of diesel to neighboring Ukraine and will not resume them unless Ukraine restarts crude shipments via the Druzhba pipeline to Hungary, according to Foreign Minister Peter Szijjarto.