Oil prices were little changed on Friday but remain on track for their first weekly gain in three weeks, as optimism for a quick peace deal between Russia and Ukraine faded.

Brent crude futures fell by 17 cents, or 0.25%, to $67.50 a barrel at 10:00 GMT, while West Texas Intermediate (WTI) crude slipped 13 cents, or 0.2%, to $63.39. Both benchmarks gained more than 1% in the previous session, with Brent up 2.8% so far this week and WTI rising 1%.

“Everyone is waiting for President Trump’s next step,” said UBS commodity analyst Giovanni Staunovo. “Over the coming days, it seems nothing will happen.”

The prolonged conflict escalated this week as Russia launched an airstrike near Ukraine’s EU border on Thursday, while Ukraine claimed to have hit a Russian oil refinery and the Unecha oil pumping station—part of the crucial Druzhba pipeline to Europe. Hungary confirmed that deliveries through the pipeline had been halted.

Trump is seeking to broker a peace summit between Russian President Vladimir Putin and Ukrainian leader Volodymyr Zelenskiy. However, analysts from ING noted that obstacles remain, including disagreements on security guarantees. The less likely a ceasefire appears, the higher the risk of tougher U.S. sanctions on Russia, they added.

Further fueling market support was a larger-than-expected decline in U.S. crude stockpiles. The U.S. Energy Information Administration reported a 6 million-barrel draw in the week ending August 15, surpassing analysts’ expectations of a 1.8 million-barrel decrease—signaling strong demand.

However, weak economic data from Germany offset some gains, as Europe’s largest economy contracted by 0.3% in the second quarter, raising concerns about future oil demand.

Investors are also watching the Jackson Hole economic conference for clues on potential U.S. interest rate cuts, with Federal Reserve Chair Jerome Powell expected to speak Friday. Lower interest rates could boost economic growth and oil demand, providing further support to prices.