FX.co ★ Oil Falls for 2nd Day

On Tuesday, West Texas Intermediate (WTI) crude oil futures fell to approximately $66.7 per barrel, continuing the downward trend from the previous day. This decline followed an ultimatum from US President Donald Trump to Russia, demanding a ceasefire within 50 days, which alleviated fears that impending sanctions might disrupt global oil supplies. Trump issued a stern warning to Russia on Monday, stating that it must cease its conflict in Ukraine within the specified period or face tariffs reaching up to 100%. Concurrently, Trump announced that the US would provide new military support to Ukraine, including the much-needed Patriot air defense missiles. Further pressure on oil prices stemmed from worries that US tariffs could hinder global economic growth and subsequently diminish energy demand. Trump declared a 30% tariff on imports from the European Union and Mexico, effective from August 1, compounding similar threats made to other international trading partners.