The North Sea crude, a benchmark in Europe, closed the session on the Intercontinental Exchange at $1.15 below the $70.36 with which it ended the previous session’s transactions.
Brent started the week on a downturn, falling again below the $70 mark, while investors assess threats from U.S. President Donald Trump of new sanctions on Russian oil unless Kremlin leader Vladimir Putin agrees to a peace deal in Ukraine within 50 days.
The U.S. President expressed his intention today to impose tariffs “of about 100%” on Russia and secondary sanctions on countries or entities buying Russian oil.
The uncertainty surrounding Trump’s tariff policy, with its advances and retreats, caused significant fluctuations in crude prices last week, after the Republican president extended his deadline for concluding trade negotiations with major partners, such as the European Union (EU), until August 1.
