Oil Prices Jump After Trump's Announcement

Crude oil prices experienced a significant increase, rising by more than 3% on Tuesday. This surge came after United States President Donald Trump announced a new 10-day deadline for Russia to agree to a ceasefire. Trump noted that he had yet to receive a response from Moscow and expressed his lack of concern over the potential impact of sanctions on Russian oil.

Market Reaction

West Texas Intermediate (WTI) for September deliveries saw a 3.40% jump at 1:51 pm ET, reaching $68.98 per barrel. Similarly, Brent for the same month's settlements climbed by 3.03% a minute later, hitting $72.14 a barrel.