WTI crude futures rose 0.7% to settle at $64.6 per barrel on Thursday, reversing earlier losses as the fading prospect of a Russia-Ukraine peace deal reduced expectations of additional Russian supply reaching global markets. Hopes for eased restrictions on Moscow’s crude exports dimmed further while traders awaited remarks from President Trump that could signal stricter sanctions. At the same time, Ukraine has intensified drone strikes on Russian oil infrastructure, disrupting exports and adding to uncertainty. The US has also pressed India to scale back Russian purchases after Washington doubled its import levy to 50%. Still, the broader outlook for crude remains bearish, with rising output from OPEC+ and other producers expected to push the market into surplus by year-end. Light trading ahead of the US Labor Day holiday contributed to volatile intraday moves.