Calm in Oil Prices Amidst Anticipation of Trump's Deadline on Ukraine

SadaNews Economy - The pace of rising oil prices quieted in Asian trading on Wednesday after a more than 3% increase in the previous session, as investors awaited developments regarding the strict deadline set by U.S. President Donald Trump for Russia to end the war in Ukraine.

The most actively traded futures contracts for Brent crude rose by 8 cents, or 0.12%, to $71.81 per barrel by 04:19 GMT. Similarly, West Texas Intermediate crude increased by 8 cents or 0.12% to $69.29 per barrel.

The September contract for Brent crude, which expires today, climbed about 18 cents to $72.69 per barrel.

Both contracts closed at their highest levels since June 20 during Tuesday's session.

U.S. President Donald Trump stated on Tuesday that he would begin imposing measures on Russia, including a 100% secondary tariff on its trade partners, if no progress is made in ending the war within 10 to 12 days, exceeding the previous 50-day deadline.

Vandana Hari, founder of "Vanda Insights," which specializes in oil market analysis, said, "The supply risk premium, which ranged between $4 and $5 per barrel in recent days, is expected to continue unless Russian President Vladimir Putin takes a conciliatory step."

The U.S. has warned China, the largest buyer of Russian oil, that it may face hefty tariffs if it continues its purchasing activities, according to U.S. Treasury Secretary Scott P. O'Malley during a press conference in Stockholm, where the U.S. is conducting trade talks with the European Union.

In an analytical memo, "J.P. Morgan" analysts noted that while China's compliance with U.S. sanctions is unlikely, India has hinted at the possibility of adherence, which could jeopardize around 2.3 million barrels per day of Russian oil exports.