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2025-07-30 10:30:54
Oil Prices Rise Slightly as Trump's Ultimatum to Russia Raises Concerns of Supply Shortages: 1. Oil prices rose slightly in early trading on Wednesday, with Brent crude futures up 0.19% to $72.65 per barrel and West Texas Intermediate futures edging up 0.03% to $69.23 per barrel. Earlier, Trump's shortening of Russia's deadline for ending the conflict with Ukraine sparked market concerns about supply shortages, causing oil prices to surge over 3% on Tuesday, reaching their highest settlement since June 20th. 2. Trump warned that if Russia fails to achieve a ceasefire within 10-12 days, he will impose 100% secondary tariffs on Russian trading partners. ING analysts noted that this move could reshape the oil market, with some buyers potentially halting purchases of Russian oil. US Treasury Secretary Benson said he has warned other countries that continued purchases of Russian oil will face high tariffs. JPMorgan Chase & Co. stated that India has pledged to comply with sanctions, potentially impacting approximately 2.3 million barrels per day of Russian oil exports. 3. Although OPEC+ may take the opportunity to relax production cuts, the risk of supply shortages remains. The United States and the European Union reached an agreement to avoid a trade war, alleviating economic growth concerns and providing support for oil prices. At the same time, Venezuela's oil company partners are waiting for US business authorization, which may alleviate some supply pressure if approved.
