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.

"I expect that today's agreements will become a reference point, not only for solving the Ukrainian problem, but will also launch the restoration of business-like, pragmatic relations between Russia ...