FX.co ★ Oil Rises as Traders Await Trump’s Statement on Russia

On Monday, West Texas Intermediate (WTI) crude oil futures increased to approximately $68.6 per barrel, following a more than 2% rise last Friday. This upward trend comes as traders anticipated additional U.S. sanctions on Russia, potentially leading to a tighter global oil supply. Over the weekend, President Donald Trump announced intentions to deliver a "major statement" on Russia, as the U.S. gears up to send more weapons to Ukraine through purchases from NATO allies. Further reports suggest that European Union representatives are on the verge of finalizing an 18th sanctions package against Russia, which includes implementing a lower price cap on Russian oil.

However, the boost in oil prices was somewhat offset by concerns regarding the potential negative impact of U.S. tariffs on global economic growth and, consequently, oil demand. On Saturday, Trump issued two tariff notifications, imposing a 30% duty on specific products from Mexico and the EU. These measures contribute to an expanding list of nations facing updated tariffs effective August 1, following the series of tariff announcements Trump initiated last week.