Escalation of the Russia-Ukraine conflict has drawn attention from risk markets, with Trump holding separate calls with Putin and Zelensky.

According to CNBC, multiple major developments have unfolded in the Russia-Ukraine conflict over the past 72 hours. U.S. President Donald Trump held separate calls with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy. Ukrainian drones attacked an oil depot and port facilities in Russia’s St. Petersburg, prompting Russia to launch its second large-scale airstrike on Kyiv in a week. Markets are refocusing on geopolitical risks, energy security, and European defense concerns. Zelenskyy said he discussed frontline developments with Trump and agreed to continue consultations at the upcoming NATO summit, noting “there is a real chance to end this war, and U.S. resolve is critical.” The Kremlin stated that Trump and Putin spoke for about 90 minutes, discussing an end to the Russia-Ukraine conflict and future prospects for U.S.-Russia cooperation. Kremlin aide Yuri Ushakov called the call “practical and constructive,” adding that Trump emphasized the need to end the conflict as soon as possible to unlock the potential for bilateral cooperation. Meanwhile, Ukraine has recently stepped up strikes on Russian energy facilities and military targets. Kyiv claimed it attacked a large oil terminal in St. Petersburg and the Kronstadt Naval Base, home to Russia’s Baltic Fleet, causing fires at the sites. In response, Russia launched a large-scale missile and drone attack on Kyiv in the early hours of Monday local time, killing at least 11 people and severely damaging multiple residential buildings. The U.S. think tank Institute for the Study of War (ISW) analyzed that Russia is trying to convey to the West the narrative that it still holds the initiative on the battlefield. Meanwhile, the Trump administration has recently highlighted Ukraine’s progress in long-range strikes on Russian military and energy facilities, indicating that the public opinion game over the battlefield situation between the two sides continues.