Oil prices took a little jump back up on Wednesday, after dropping to the lowest point in a month the day before. Why? Because things look like they might finally get better between Ukraine and Russia. A peace deal seems close, and that could mean the end of tough international rules stopping Russian oil from crossing borders. Brent crude futures, a big name in oil prices, went up by 19 cents, or 0.3%, landing at $62.67 a barrel early Wednesday. Meanwhile, U.S. West Texas Intermediate (WTI) crude prices rose 14 cents, or 0.24%, to $58.09 per barrel. Just a day before, both had fallen by 89 cents. What sparked this drop? Ukrainian President Volodymyr Zelenskiy spoke to European leaders and said he’s ready to move forward on a plan backed by the U.S. to end the war with Russia. He told them, “only a few points of disagreement remained.” Tony Sycamore, an analyst with IG markets, said, “If finalised, the deal could rapidly dismantle Western sanctions on Russian energy exports,” which might push WTI prices down to about $55. He added, “For now, the market waits for more clarity, but the risk appears to be for lower prices unless talks falter.” Adding to the drama, U.S. President Donald Trump announced he has told his team to talk separately with Russian President Vladimir Putin and Ukrainian officials. A Ukrainian official also revealed that Zelenskiy might visit the U.S. soon to seal the deal with Trump. Over the last few months, Britain, Europe, and the U.S. have tightened sanctions on Russia, and India, a big buyer of Russian oil, is expected to buy the least in December since three years ago. On the brighter side for oil prices, many now expect the U.S. Federal Reserve to cut interest rates in December. Recent economic numbers showed slower shopping and cooler inflation. Since lower rates usually boost the economy and increase oil demand, this keeps some hope alive for the oil market. So, the oil market is on a seesaw — peace talks that could shake down prices while hopes of easier money from the Fed might lift them back up. Everyone is waiting and watching closely!