Oil prices rise after Trump signals shortened Russia deadline, US-EU trade framework
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The news: Oil prices rose 2% on Monday after US President Donald Trump said he would shorten the 50-day deadline he gave Russia to end its war in Ukraine to about 10 to 12 days.
The moves also came after the United States and European Union announced a trade framework.
The numbers: Brent crude rose USD1.36 to USD69.80 a barrel, and US West Texas Intermediate crude rose USD1.33 to USD66.49. The US-EU deal sets a 15% tariff on most EU goods and includes USD750 billion in planned EU purchases of US energy.
Speaking Monday in Scotland during talks with UK Prime Minister Keir Starmer, Trump said he would impose sanctions and possibly secondary tariffs unless Russia agrees to a truce.
The context: Trump had initially threatened secondary tariffs on countries that continue trading with Russia by early September. His new stance reflects increasing frustration with Putin, who he said had continued deadly attacks despite discussions.
Meanwhile, An OPEC+ panel stressed the need for full compliance with output agreements ahead of a meeting to decide whether to increase production in September.
What they said: “I’ll announce it probably tonight or tomorrow,” Trump told reporters.
“I’m going to make a new deadline of about 10, 10 or 12 days from today,” he said. "There's no reason in waiting. It was 50 days, I wanted to be generous, but we just don't see any progress being made," he added.
“So what I’m doing is we’re going to do secondary sanctions, unless we make a deal, and we might make a deal, I don’t know."
The sources: The Associated Press, Reuters, Bloomberg
