Oil Prices Rise, Trump Threatens Russia
Oil prices jumped sharply after U.S. President Donald Trump warned he may impose more economic sanctions on Russia unless a ceasefire with Ukraine is reached within 10 days. Brent rose above $72 per barrel and WTI neared $69, marking the biggest daily gain in six weeks.
Trump stated he wasn’t worried about the market impact, emphasizing that the U.S. has abundant oil and could ramp up production if necessary. This statement triggered speculation that more American supply may enter the market.
However, analysts say Trump’s threat seems more political than driven by long-term fundamentals. Russian oil has consistently found buyers in Asia despite sanctions, so the immediate impact on global supply may be limited.
Meanwhile, markets are watching two key events: the U.S. trade deal deadline on August 1 and the OPEC+ meeting this weekend, which will decide September output levels. Additionally, U.S. crude inventories rose by 1.5 million barrels last week, potentially affecting near-term price moves.
Source: Newsmaker.id