The price of Brent crude oil climbed sharply on Thursday, following a stern ultimatum from U.S. President Donald Trump. According to data from the London ICE exchange, the cost of September futures surpassed $70 per barrel for the first time since July 18.
By 4:00 p.m. Moscow time, Brent had risen to $70.09 per barrel, marking a 2.17% increase. Prices peaked at $70.29 before retreating slightly to around $70.06 at the time of reporting.
Meanwhile, West Texas Intermediate (WTI) crude for September delivery also posted gains, rising 2.6% to reach $67.05 per barrel.
Trump’s Ultimatum Triggers Market Response
President Donald Trump declared during a joint press appearance with UK Prime Minister Keir Starmer that he is prepared to impose secondary sanctions on Russia due to the lack of progress in resolving the conflict in Ukraine.
"I love the Russian people. They are a great people. I don't want to do this [impose sanctions] to Russia," Trump said during the televised exchange broadcast via the Associated Press YouTube channel.
Although he emphasized his affection for Russia, Trump made it clear that diplomatic inaction would not go unanswered. He previously gave Moscow a 50-day deadline to settle the Ukraine issue, but has since shortened it to 10–12 days.
Senator Klymov: Trump Protecting His Image
Commenting on Trump’s escalating rhetoric, Andrei Klymov, Deputy Chairman of the Federation Council’s Committee on Foreign Affairs, told Lenta.ru that the American president is motivated by domestic optics rather than foreign policy substance.
“I believe Trump is watching social media, where his critics accuse him of being too soft on Putin. So now he's amping up his rhetoric to counter that image,” said Klymov. “You understand, he might just as well have given Russia 48 hours to resolve the conflict.”
With geopolitical tensions mounting and oil prices reacting swiftly to political moves, markets continue to keep a close watch on Washington’s next steps.
