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Oil prices surge on US pressure on Russia, trade deal optimism
Business World Philippines
|July 31, 2025
Oil prices gained more than 3% on Tuesday as President Donald J. Trump ramped up pressure on Russia over its war in Ukraine and on optimism that a trade war between the US and its major trading partners was abating.
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Brent crude futures settled $2.47, or 3.53%, higher at $72.51 a barrel while US West Texas Intermediate (WTI) crude gained $2.50, or 3.75%, to settle at $69.21. Both contracts settled at their highest since June 20.
On Tuesday, Mr. Trump said he would start imposing tariffs and other measures on Russia “10 days from today” if Moscow did not make progress toward ending the war in Ukraine.
“We've amped it up. We have a hard deadline of 10 days,” said Phil Flynn, senior analyst with Price Futures Group. “And there’s a suggestion that other countries are going to join us.”
Dit verhaal komt uit de July 31, 2025-editie van Business World Philippines.
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