The US president says Russia's Putin is "expecting a call" immediately after his talks with Zelensky and European leaders.

"I like the concept of a ceasefire for one reason, because you'd stop killing people immediately... But we can work a deal where we're working on a peace deal while they're fighting." President Trump walked back on his previous comments where he suggested "severe consequences" for Russia if Russian President Vladimir Putin didn't agree to a ceasefire before a meeting with Ukrainian President Volodymyr Zelenskyy and other European and NATO leaders.

If a peace between Russia and Ukraine is reached, there is no downside to oil prices since Russian oil is "already flowing at full throttle,” said Manish Raj, managing director at Velandera Energy Partners.