Oil Prices Stabilize in Asia as Reaction to Trump's Tight Deadline for Russia Awaited

The pace of oil price increases calmed during Asian trading today, Wednesday, July 30, after rising by more than 3% in the previous session, as investors focus on potential developments regarding the short deadline announced by U.S. President Donald Trump for Russia to end the war in Ukraine.

According to data, Brent crude futures rose by 0.12% (8 cents) to reach $71.81 a barrel at 04:19 GMT, while West Texas Intermediate crude increased by the same percentage to $69.29 a barrel. Additionally, the Brent crude contract for September, which expires today, rose by 18 cents to reach $72.69 a barrel.

This comes after both contracts closed at their highest levels since June 20, following Trump's statements threatening to impose 100% tariffs on Russia's trading partners if progress is not shown in ending the war within 10 to 12 days, reducing the previous deadline of 50 days.

On the other hand, Vandana Hari, founder of Vanda Insights specializing in oil market analysis, commented: "In addition to supply risks, ranging from $4 to $5 per barrel in recent days, it is expected to continue unless Russian President Vladimir Putin takes a conciliatory step."

In a related context, the United States warned China, the largest importer of Russian oil, of facing "massive tariffs" if it continues to purchase oil from Moscow, according to U.S. Treasury Secretary Scott Bessent during a press conference in Stockholm, where his country is conducting trade talks with the European Union.

In an analysis by JPMorgan, analysts noted that India may comply with U.S. sanctions on Russia, unlike China, which is unlikely to comply, posing a risk to 2.3 million barrels per day of Russian oil exports.