WTI crude oil futures hovered above $69 per barrel on Wednesday, holding at a five-week high, supported by supply concerns after President Donald Trump pressured Russia with a shortened timeline to end the conflict in Ukraine. Trump gave Moscow a ten-day deadline to propose a satisfactory resolution or face consequences, including the imposition of 100% secondary tariffs on countries continuing to trade with Russia.
Such measures could significantly disrupt the oil market, as major US trading partners—key buyers of Russian crude—may scale back or halt purchases amid rising compliance risks. Adding to the upward pressure, the US–EU trade deal, despite introducing a 15% tariff on most EU goods, averted a broader trade war that could have impacted a third of global trade and weakened fuel demand. On the downside, prices faced some pressure after API data revealed a surprise 1.5 million-barrel build in US crude inventories, defying expectations of a 2.5 million-barrel decline.
