Oil prices paused in Asian trade on Wednesday following a sharp rally of over 3% in the previous session, as traders assessed the impact of U.S. President Donald Trump’s accelerated deadline for Russia to end its war in Ukraine.
At 06:33 GMT, Brent crude futures rose slightly by 1 cent to $71.69 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude edged down 2 cents to $69.19. The September Brent contract, set to expire later on Wednesday, climbed 5 cents to $72.56. Both benchmarks had reached their highest settlement since June 20 on Tuesday.
The market surge was driven by Trump’s warning that the U.S. would impose 100% secondary tariffs on Russia’s trading partners if Moscow failed to demonstrate progress within 10 to 12 days — a significant acceleration from the previously announced 50-day window.
“The $4 to $5 per barrel of supply-risk premium injected in recent days can be expected to be sustained, unless Putin makes a conciliatory move,” said Vandana Hari, founder of oil analysis firm Vanda Insights.
Analysts expect continued volatility as the political standoff unfolds and energy markets remain sensitive to diplomatic developments.
