Oil prices rally on US pressure on Russia, trade deal optimism
Brent crude futures settled $2.47, or 3.53%, higher at $72.51 a barrel while U.S. West Texas Intermediate crude gained $2.50, or 3.75%, to settle at $69.21. Both contracts settled at their highest since June 20.
On Tuesday, Trump said he would start imposing tariffs and other measures on Russia "10 days from today" if Moscow did not make progress toward ending the war in Ukraine.
"We've amped it up. We have a hard deadline of 10 days," said Phil Flynn, senior analyst with Price Futures Group. "And there's a suggestion that other countries are going to join us."
Also on Tuesday, U.S. Treasury Secretary Scott Bessent said he had told Chinese officials that, given U.S. secondary tariff legislation on sanctioned Russian oil, China could face high tariffs if Beijing continued its Russian oil purchases.
Bessent was speaking after two days of bilateral talks aimed at resolving longstanding economic disputes and stepping back from an escalating trade war between the world's two biggest economies.
Also supporting oil prices, the trade agreement between the U.S. and the European Union, while imposing a 15% import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand.
"There is definitely some optimism around the trade deals," said Bob Yawger, director of energy futures at Mizuho. "It's not perfect, especially for the Europeans, but it is better than it could have been by a long shot."
The agreement also calls for $750 billion of EU purchases of U.S. energy over the next three years, which analysts say the bloc has virtually no chance of meeting, while European companies are to invest $600 billion in the U.S. over Trump's term.
Market participants also await the outcome of the U.S. Federal Reserve policy meeting on Tuesday and Wednesday. The Fed is widely expected to hold rates steady but could signal a dovish tilt due to signs of cooling inflation, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
12 minutes ago
- Daily Mail
Fears emerge that Donald Trump could jeopardize NFL's blockbuster deal with ESPN
There are fears that Donald Trump could block the NFL's multi-billion-dollar deal with ESPN, according to reports. Earlier this month, the NFL and ESPN agreed a blockbuster deal that will see the network broadcast seven more regular-season games, and have access to NFL Network and RedZone. In return, it is reported that the NFL will receive equity in ESPN. The shock announcement, first reported by The Athletic, angered many football fans. But now Front Office Sports reports that Trump could intervene in the deal, which is expected to require sign-off from the government. There is reportedly 'growing concern' that the president could try to 'delay, or block' the billion-dollar agreement. Trump has a history of involving himself in sports - particularly the NFL. Only recently, he has been a vocal critic of the new kickoff rules and recently threatened to disrupt the Commanders' new stadium plans if Washington didn't change their name back to the Redskins. A decade ago, he tried and failed to buy the Buffalo Bills for $1billion. In 2017, meanwhile, he called on NFL owners to fire players who take a knee during the national anthem. Colin Kaepernick sparked a nationwide debate when he protested against police brutality and racial injustice. Other players followed suit and they soon incurred the wrath of the White House. 'Wouldn't you love to see one of these NFL owners, when somebody disrespects our flag, to say, "Get that son of a b**** off the field right now?" Out. He's fired. He's FIRED!' Trump said during a rally in Alabama. A year later, the president canceled the traditional White House reception with the Super Bowl winners after it emerged that only a small number of Eagles players planned to attend. Trump claimed Philadelphia disagreed 'with their President because he insists that they proudly stand for the National Anthem, hand on heart, in honor of the great men and women of our military and the people of our country.' The president has also had feuds with ESPN and its parent company Disney. 'ESPN is paying a really big price for its politics (and bad programming). People are dumping it in RECORD numbers. Apologize for untruth!' he said in 2017.
Daily Mirror
42 minutes ago
- Daily Mirror
Russia issues terrifying 'dead hand' warning to Donald Trump during bizarre rant
Former Russian president Dmitri Medvedev has issued a scathing warning to US president Donald Trump. He threatened Trump with deadly nuclear weapons during a bizarre rant A former Russian president has hit back at Donald Trump after he told him to "watch his words", sparking further tension between the pair. Dmitri Medvedev issued a terrifying threat to the US President and reminded him just how "dangerous a dead hand can be." A dead hand is Cold War terminology for nuclear weapons which can be used even if a country's leadership has been wiped out. In the bizarre rant, Medvedev, who is a part of Russia 's Security Council, ordered Trump to remember "his favorite movies about the walking dead". Medvedev earlier warned the US president that if he issues Russia any ultimatums then he would treat it as a "threat and a step toward war". He further told Trump that he should tread carefully. It comes as Putin warns of nuclear war after unleashing another night of hell on Ukraine. Writing on Telegram, Medvedev wrote: "About Trump's threats against me in his personal network Truth, which he banned from operating in our country: If some words of the former Russian president cause such a nervous reaction in the entire formidable US president, it means that Russia is right in everything and will continue to go its own way. "And about the 'dead economy' of India and Russia and 'entering dangerous territory' - well, let him remember his favorite films about the 'walking dead', as well as how dangerous a "dead hand" that does not exist in nature can be..." The news came just one day after US President Donald Trump issued a scathing rebuke to Medvedev, warning him to be careful what he says next, reports Express. However, the US President responded furiously, writing: "Tell Medvedev, the failed former President of Russia, who thinks he's still President, to watch his words. He's entering very dangerous territory." This comes after Mr Trump announced he would bring forward the deadline for Russia to agree to a ceasefire with Ukraine during his meeting with Sir Keir Starmer in Scotland. Asked by reporters how long he would set for the new deadline, Mr Trump said: 'I am going to make a new deadline of about 10 or 12 days from today. There is no reason to wait.' Mr Medvedev's threat to Mr Trump follows the United States' threat of steep tariffs if a deal with Ukraine is not reached. Mr Trump took office in January with the position that Russia's invasion of Ukraine would never have happened if he were president at the time. He then vowed to bring peace to the region within a short timeframe, yet has failed to do so. During the peace talks between Ukraine and Russia, the US President has admitted that Vladimir Putin has not been reasonable, taking a more stern approach with the Russian president.
The Guardian
42 minutes ago
- The Guardian
Sydney Sweeney's Republican voter registration revealed amid jeans ad controversy
Sydney Sweeney registered as a Republican voter in Florida a few months before Donald Trump won a second US presidency, it has been revealed, as the public continues fixating on a new jeans ad campaign featuring the actor and a pun about her genes. The Euphoria and White Lotus star registered to vote in Florida on 14 June 2024 – shortly after buying a mansion in the Keys – and listed her party affiliation as Republican, according to publicly available records reviewed by the Guardian on Sunday. That was about two weeks after Trump, another registered Republican Florida voter, was convicted in New York City of criminal falsification of business records and before he secured a return to the White House in November's presidential election. It was also about two years after Sweeney, 27, faced criticism from some US media consumers after she was photographed at her mother's birthday party where several of the guests were seen wearing hats that called to mind those which bear Trump's Make America Great Again (Maga) slogan. The native of Spokane, Washington, subsequently issued a statement on social media pleading with the public to 'stop making assumptions'. 'An innocent celebration … has turned into an absurd political statement, which was not the intention,' Sweeney's statement added at the time. Sweeney has not addressed her Florida Republican voter registration, the existence of which went viral on social media on Saturday and was later reported on by traditional news outlets. The actor by then had generated considerable media coverage after the outfitter American Eagle released several videos showing her modeling the company's denim jeans and jackets. American Eagle's campaign generally revolves around the punny use of the phrase, 'Sydney Sweeney has great genes.' In one video, 'genes' is crossed out and replaced with 'jeans'. Another clip showed the blue-eyed blond suggestively looking at the camera and discussing how her body's composition 'is determined by … genes'. 'Genes are passed down from parents to offspring, often determining traits like hair color, personality and even eye color. My jeans are blue,' Sweeney continues in the advertisements, which include a joke about the cameraperson becoming distracted by her breasts. Some social media users dismissed the campaign as tone deaf, arguing that it echoed rhetoric associated with eugenics and white supremacy at a time when the Trump administration was seeking to eliminate diversity, equity and inclusion (DEI) initiatives as well as aggressively pushing to detain and deport immigrants en masse. One TikTok reaction video that received hundreds of thousands of likes accused Sweeney of ignoring the political climate of the moment, saying 'it's literally giving … Nazi propaganda'. US conservatives have seized on the indignation over the campaign on the liberal fringes, rushing to praise Sweeney for landing a blow on 'woke' advertising, invoking a term some use to criticize DEI measures. Trump spokesperson Steven Cheung wrote on social media that criticizing Sweeney's collaboration with American Eagle was 'cancel culture run amok'. Nonetheless, many have judged backlash to Sweeney and American Eagle's collaboration as exaggerated and overblown. American Eagle's stock has reportedly risen in the wake of its Sweeney-centered campaign. A statement from the company on Friday defended the campaign, saying: ''Sydney Sweeney Has Great Jeans' is and always was about the jeans. Her jeans. Her story.' That outcome cut a stark contrast with the 2023 Bud Light advertisement involving trans activist Dylan Mulvaney. A conservative-organized boycott against Bud Light substantially drove sales down. The brand lost its place as the US beer market's top seller. And Bud Light's owner, Anheuser-Busch, sought to distance itself from Mulvaney in a statement which blamed the promotion on an 'outside agency without … management awareness or approval'. 'No one was trying to cancel Sydney Sweeney,' said a post on the X account Wu Tang is for the Children, which counts on more than 270,000 followers. 'And no one cares if she's Republican or not.'
