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.

The hype surrounding the historic summit Friday between U.S. President Donald Trump and Russian President Vladimir Putin makes clear that Russia — even under global sanctions — remains a powerhouse in the energy market.

Oil prices closed down nearly $1 on Friday as traders awaited talks between U.S. President Donald Trump and Russian leader Vladimir Putin, which could lead to an easing of the sanctions imposed on Moscow over the war in Ukraine.