The Trump-Putin Meeting Could Bring a Cease-fire, Oil Price Swings, and More

President Donald Trump greets Russian President Vladimir Putin on the tarmac at Joint Base Elmendorf-Richardson in Anchorage, August 15, 2025. (ANDREW CABALLERO-REYNOLDS / AFP via Getty Images)

President Donald Trump told reporters aboard Air Force One Friday that he wants to “see a cease-fire—rapidly.” That is just the start of a longer list of possible outcomes from Trump’s meeting with Russian President Vladimir Putin at a U.S. military base on the outskirts of Anchorage, Ala. The two exchanged handshakes shortly after 3 p.m. Eastern time before stepping into an armored vehicle ahead of their talks.

Topics of discussion include possible “land swapping” between the Russia and Ukraine, security guarantees for Ukraine, and the business relationship between the U.S. and Russia. Trump reiterated that there would be severe economic consequences for Russia if the fighting doesn’t stop. “It will be very severe,” he said.

When asked by Fox News what his goals were for the meeting, he said that, in addition to a cease-fire, “This is really setting the table today. We’re going to have another meeting if things work out, which will be very soon, or we’re not going to have any meetings at all, maybe never.”

The talks could also have significant repercussions for crude oil.

West Texas Intermediate crude, the U.S. benchmark, climbed 1.8% to $62.81 a barrel Friday ahead of the meeting, and the Brent international benchmark fell 1.5% to $65.81.

Created with Highcharts 9.0.1Source: FactSetAs of Aug. 19, 4 p.m. ET

Created with Highcharts 9.0.1Brent Crude Price Per BarrelWTI Crude Price Per BarrelAug. 13Aug. 19-0.500.51.01.52.02.5%

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.

Trump previously threatened Putin with “very severe consequences” if he didn’t agree to stop the war.

“Traders have turned cautious ahead of today’s meeting,” Hargreaves Lansdown analyst Matt Britzman said on Friday. “Failure to reach a deal over Ukraine could force Trump’s hand, as he’s been vocal about severe repercussions if negotiations fall through.”

Write to George Glover at george.glover@dowjones.com and Anita Hamilton at anita.hamilton@barrons.com