Quick overview

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President Donald Trump’s demands that Russia swiftly negotiate a truce with Ukraine or face economic sanctions have raised concerns that OPEC+ producers may experience disruptions in crude supplies, which has led to an increase in oil prices.

Brent crude was trading near $70 per barrel, while West Texas Intermediate was around $67 after closing 2.3 percent higher in the previous session—the largest increase in two weeks.

Trump threatened to impose “secondary sanctions” if no deal is reached and announced a new deadline of 10 to 12 days for Moscow to cease hostilities. This move follows the European Union’s sanctions on Russia, which include fines on India’s Nayara Energy.

Additionally, the upcoming US trade deal deadline in August is influencing international markets, along with the scheduled OPEC+ conference that will determine September’s supply policies.

Signs of tight stockpiles in certain regions and strong demand during the Northern Hemisphere summer, a peak consumption period, are driving oil prices toward a potential monthly gain. However, uncertainty remains in the market.

Trump has expressed his frustration with President Vladimir Putin for rejecting earlier calls for a ceasefire in Russia. Initially, the US president had given Moscow 50 days to agree to a truce, which would have expired in September. This situation continues to attract significant market attention.