Global oil prices edged lower on Monday after Washington signaled it would hold off on additional measures targeting Russian energy exports, following a high-profile meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska.

Brent crude slipped 32 cents, or nearly 0.5%, to trade at $65.53 a barrel in early Asian trading. U.S. West Texas Intermediate (WTI) futures also dipped, falling 23 cents to $62.57.

The retreat in prices came as investors reacted to Trump’s apparent shift toward Moscow’s position on peace negotiations in Ukraine. After his talks with Putin on Friday, Trump expressed support for pursuing a comprehensive peace deal rather than pushing for a ceasefire as an immediate step.

Energy analysts said markets were closely watching whether Washington would escalate sanctions on buyers of Russian crude. According to Helima Croft of RBC Capital, the U.S. president signaled he would not press ahead with further tariffs on major importers, particularly China, at least for now.

“The overall picture hasn’t changed much,” Croft noted, explaining that Russia is unlikely to compromise on its territorial claims while Kyiv and several European capitals remain reluctant to accept a land-for-peace arrangement.

Trump is expected to meet Ukrainian President Volodymyr Zelensky and European leaders later on Monday as efforts continue to secure an agreement to end what has become Europe’s deadliest conflict in decades.