Crude prices fell to a one-month low as renewed progress in Ukraine peace negotiations triggered fresh concerns about rising global supply. Market sentiment shifted sharply after indications that Kyiv is engaging more constructively on a revised peace framework aimed at ending the long-running conflict. While diplomatic discussions continue and major issues remain unresolved, even small signals of movement were enough to pressure oil futures lower.

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Analysts note that despite the price decline, physical market indicators still point to tight near-term supply conditions. However, the broader energy outlook remains volatile, as any resolution to the conflict could pave the way for increased Russian output at a time when global production is already expanding faster than demand.

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With multiple geopolitical uncertainties still in play and producers both inside and outside major oil alliances ramping up output, oil prices remain under pressure and are on track for a fourth consecutive monthly decline.