Oil Gains on U.S.-EU Trade Deal, Russia Sanction Threats

[..]

Trump’s Russia Sanctions Threat Keeps Bid in Oil

President Trump’s shortened deadline for Russia to reach a cease-fire with Ukraine or face greater sanctions is lifting oil futures, along with market reaction to the U.S.-EU trade agreement. The oil market had shrugged off the EU’s recent tightening of Russia sanctions, including lowering the price cap on Russian oil. The U.S. sat out that round, and “if there are going to be new U.S. sanctions, that one might be one area,” says Anthony Rapa, co-chair of Blank Rome’s international trade practice. Sanctions won’t stop the flow of Russian oil, but will impose a significant transaction cost, he says. WTI is up 1.7% at $66.29 a barrel, and Brent is 1.7% higher at$69.63.

To read the full article, please click here.

"Trump’s Russia Sanctions Threat Keeps Bid in Oil," by Anthony Harrup was published in The Wall Street Journal on July 28, 2025.