Brent crude oil futures rose above $62 per barrel on Wednesday, rebounding from near multi-year lows, supported by renewed supply-side risks. Reports showed that the planned Trump–Putin summit was postponed after Moscow’s refusal to agree to a ceasefire in Ukraine reignited concerns over geopolitical tensions and sanctions-related supply disruptions. This comes amid Western efforts to curb Asian imports of Russian crude, with President Trump reiterating that India plans to reduce its purchases and that he discussed the matter with Prime Minister Modi, though India’s foreign ministry denied any knowledge of such a conversation last week. Additionally, the US Energy Department announced plans to add 1 million barrels to the Strategic Petroleum Reserve, potentially tightening near-term supply. Industry data also showed that US crude inventories fell by 3 million barrels last week, the first decline in four weeks, while fuel stockpiles, including gasoline, also dipped.