WASHINGTON (dpa-AFX) - Oil prices were moving lower on Tuesday as investors assessed U.S. President Donald Trump's ultimatum to Russia regarding the Ukraine war and potential sanctions on oil buyers.
Trump's increased trade rhetoric and expectations of increased output by OPEC+ countries also added to the downward pressure on prices.
Brent crude futures for September delivery were down 0.4 percent at $68.97 a barrel in European trade, while WTI crude futures for August delivery dropped half a percent to $66.67.
Market players were reacting to comments by Trump that the U.S. would impose 100 percent secondary tariffs on Russia if a peace deal to end the war in Ukraine is not reached within 50 days.
After his meeting with NATO Secretary General Mark Rutte in the White House on Monday, Trump said he was very unhappy with Russia and therefore giving the country a new deadline to make peace.
'I felt we had a deal about four times,' Trump said, referring to a prospective peace agreement with Russia. 'But it just kept going on and on.'
Elsewhere, Israeli media reported that Prime Minister Benjamin Netanyahu convinced Trump to grant an additional week for a potential ceasefire deal with Hamas.
The U.S. dollar edged lower, but remained near a three-week high before U.S. June CPI data that could provide clues on the path for monetary policy.
The inflation rate likely accelerated for the second consecutive month to 2.7 percent, the highest level since February, up from 2.4 percent in May.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
