Jul 30, 2025 (Baystreet.ca via COMTEX) --
Petroleum prices were slightly bruised on Wednesday as investors awaited developments on U.S. President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil.
The most active Brent crude futures edged down by 17 cents, or 0.24%, to $71.52 U.S. a barrel early Wednesday while U.S. West Texas Intermediate crude slipped by 11 cents, or 0.14%, to $69.12.
The Brent crude September contract that expires on Wednesday was down 11 cents, or 0.15%, at $72.40 U.S.
Both contracts had settled on Tuesday at their highest since June 20.
Trump had said on Tuesday that he would start imposing measures on Russia, such as secondary tariffs of 100% on trading partners, if it did not make progress on ending the war within 10 to 12 days, moving up from an earlier 50-day deadline.
China and India are the main beneficiaries of Russian crude, with the latter being more vulnerable.
The United States also warned China, the largest buyer of Russian oil, that it could face huge tariffs if it kept buying, Treasury Secretary Scott Bessent told a news conference in Stockholm.
Low energy prices have been a priority for the Trump administration and Russia working around Western sanctions since its invasion of Ukraine has made its exports resilient to the price cap mechanism.
COMTEX_467674783/2559/2025-07-30T11:27:17
