Oil prices rise as US pressures Russia, trade deal optimism mounts
author: Ann
2025-08-01
Brent crude futures settled up $2.47, or 3.53%, at $72.51 a barrel, while U.S. West Texas Intermediate crude futures rose $2.50, or 3.75%, to $69.21 a barrel. Both contracts reached their highest close since June 20.
Trump said on Tuesday that he would impose tariffs and other measures on Russia "10 days from today" if Moscow did not make progress toward ending the war in Ukraine.
"We've stepped up. We've set a hard deadline of 10 days," said Phil Flynn, senior analyst at Price Futures Group. "And there are signs that other countries will join us."
U.S. Treasury Secretary Scott Bessant also said on Tuesday that he had told Chinese officials that Beijing could face significant tariffs if it continued to purchase Russian oil, given U.S. legislation imposing secondary tariffs on sanctioned Russian oil.
Bessant spoke after two days of bilateral talks aimed at resolving the long-standing economic dispute between the world's two largest economies and avoiding an escalating trade war.
The trade agreement between the United States and the European Union also provided support for oil prices. Although the agreement imposed a 15% import tariff on most EU goods, it averted a full-blown trade war between the two allies, which would have affected nearly a third of global trade and dimmed the outlook for fuel demand.
"There's definitely some optimism around the trade deal," said Bob Yager, director of energy futures at Mizuho. "It's not perfect, especially for the Europeans, but it's much better than it could have been."
The agreement also requires the EU to purchase $750 billion worth of U.S. energy over the next three years, a target analysts say the EU has little chance of meeting, given that European companies are expected to invest $600 billion in the United States during Trump's term.
Trump said on Tuesday that he would impose tariffs and other measures on Russia "10 days from today" if Moscow did not make progress toward ending the war in Ukraine.
"We've stepped up. We've set a hard deadline of 10 days," said Phil Flynn, senior analyst at Price Futures Group. "And there are signs that other countries will join us."
U.S. Treasury Secretary Scott Bessant also said on Tuesday that he had told Chinese officials that Beijing could face significant tariffs if it continued to purchase Russian oil, given U.S. legislation imposing secondary tariffs on sanctioned Russian oil.
Bessant spoke after two days of bilateral talks aimed at resolving the long-standing economic dispute between the world's two largest economies and avoiding an escalating trade war.
The trade agreement between the United States and the European Union also provided support for oil prices. Although the agreement imposed a 15% import tariff on most EU goods, it averted a full-blown trade war between the two allies, which would have affected nearly a third of global trade and dimmed the outlook for fuel demand.
"There's definitely some optimism around the trade deal," said Bob Yager, director of energy futures at Mizuho. "It's not perfect, especially for the Europeans, but it's much better than it could have been."
The agreement also requires the EU to purchase $750 billion worth of U.S. energy over the next three years, a target analysts say the EU has little chance of meeting, given that European companies are expected to invest $600 billion in the United States during Trump's term.
أهمية اختبار زيوت التشحيم
Great Wall Lubricants launches the industry's first customer-oriented AI oil selection assistant
