Oil benchmark prices dropped modestly as traders reacted to growing speculation over a possible Ukraine–Russia ceasefire, which could ease supply tightness and lead to a surge in Russian exports. Brent crude futures fell 0.5% to $62.80 a barrel, while U.S. West Texas Intermediate slipped 0.6% to $58.33. Markets remain cautious ahead of a potential OPEC+ meeting and because global trading volumes are low amid the U.S.