WTI Prices Take a Hit

The West Texas Intermediate (WTI) crude oil prices experienced a 2% decline on Monday. This downturn came after US President Donald Trump failed to announce further sanctions on Russian oil, a move that left markets disappointed. Investors had anticipated more stringent measures following Trump's hint at a "major statement" regarding Russia.

Market Reaction

Despite Trump's threat to impose 100% secondary penalties on Russia unless a ceasefire was established within 50 days, the lack of immediate action led to a noticeable impact on oil prices. By 1:16 pm ET, WTI for August settlements had decreased by 2.02%, trading at $67.07 per barrel. Similarly, Brent crude for September deliveries saw a 1.58% drop, priced at $69.25 per barrel at the same time.