Oil prices retreated on Monday after the U.S. pulled back from initial sanctions threats against Colombia, reducing immediate concern over oil supply disruptions, though U.S. President Donald Trump's muscle-flexing is keeping markets twitchy.

US President Donald Trump said that the key to ending Russia's war against Ukraine is in the hands of the OPEC+ alliance of oil-producing countries. In his opinion, declining world prices will hit Moscow's revenues and force Vladimir Putin to the negotiating table.

During his Friday in North Carolina speech, U.S. President Donald Trump stated that lowering oil prices by OPEC could lead to the immediate end of the conflict in Ukraine. The American leader presented his vision for resolving the international crisis.

Oil prices slipped on Monday after U.S. President Trump called on OPEC to reduce prices following the announcement of wide-ranging measures to boost U.S. oil and gas output in his first week in office.