Oil Surges as Trump’s Deadline to Russia Sparks Supply Fears
Oil prices jumped sharply Monday after US President Donald Trump announced a new 10–12 day deadline for Russia to agree to a ceasefire with Ukraine, threatening 100% tariffs if Moscow doesn’t comply. The move reignited fears of disrupted crude flows amid heightened geopolitical tensions.
West Texas Intermediate (WTI) surged as much as 2.9% to trade above $66 per barrel, while Brent rose 2% to nearly $70. Analysts warned that enforcing triple-digit tariffs on Russian oil could shock global supply, as Russia remains a key exporter and OPEC has limited spare capacity to fill any gaps.
Concerns were further amplified by the EU’s plan to tighten price caps on Russian oil starting in January. At the same time, Trump revealed that the EU had agreed to buy $750 billion worth of US energy, boosting confidence in Western demand. However, traders remain cautious about possible oversupply later this year as OPEC+ signals another output hike.(ayu)
Source: Newsmaker.id